Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Aug. 01, 2014 | Mar. 23, 2015 | |
Entity Registrant Name | DICKS SPORTING GOODS INC | ||
Entity Central Index Key | 1089063 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Jan-15 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $3,961,456,846 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Common Stock | |||
Entity Common Stock, Shares Outstanding | 93,892,245 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 24,900,870 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Income Statement [Abstract] | |||
Net sales | $6,814,479 | $6,213,173 | $5,836,119 |
Cost of goods sold, including occupancy and distribution costs | 4,727,813 | 4,269,223 | 3,998,956 |
GROSS PROFIT | 2,086,666 | 1,943,950 | 1,837,163 |
Selling, general and administrative expenses | 1,502,089 | 1,386,315 | 1,297,413 |
Pre-opening expenses | 30,518 | 20,823 | 16,076 |
INCOME FROM OPERATIONS | 554,059 | 536,812 | 523,674 |
Impairment of available-for-sale investments | 0 | 0 | 32,370 |
Interest expense | 3,215 | 2,929 | 6,034 |
Other income | -5,170 | -12,224 | -4,555 |
INCOME BEFORE INCOME TAXES | 556,014 | 546,107 | 489,825 |
Provision for income taxes | 211,816 | 208,509 | 199,116 |
NET INCOME | $344,198 | $337,598 | $290,709 |
EARNINGS PER COMMON SHARE: | |||
Basic (in dollars per share) | $2.89 | $2.75 | $2.39 |
Diluted (in dollars per share) | $2.84 | $2.69 | $2.31 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||
Basic (in shares) | 119,244 | 122,878 | 121,629 |
Diluted (in shares) | 121,238 | 125,628 | 125,995 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $344,198 | $337,598 | $290,709 |
OTHER COMPREHENSIVE LOSS: | |||
Unrealized loss on securities available-for-sale, net of tax | 0 | 0 | -27,636 |
Reclassification adjustment for impairment of securities available-for-sale, net of tax | 0 | 0 | 27,636 |
Foreign currency translation adjustment, net of tax | -97 | -88 | -6 |
TOTAL OTHER COMPREHENSIVE LOSS | -97 | -88 | -6 |
COMPREHENSIVE INCOME | $344,101 | $337,510 | $290,703 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $221,679 | $181,731 |
Accounts receivable, net | 80,292 | 60,779 |
Income taxes receivable | 14,293 | 7,275 |
Inventories, net | 1,390,767 | 1,232,065 |
Prepaid expenses and other current assets | 91,767 | 99,386 |
Deferred income taxes | 51,586 | 38,835 |
Total current assets | 1,850,384 | 1,620,071 |
PROPERTY AND EQUIPMENT, NET | 1,203,382 | 1,084,529 |
INTANGIBLE ASSETS, NET | 110,162 | 98,255 |
GOODWILL | 200,594 | 200,594 |
OTHER ASSETS: | ||
Deferred income taxes | 1,862 | 2,477 |
Other | 69,814 | 65,561 |
Total other assets | 71,676 | 68,038 |
TOTAL ASSETS | 3,436,198 | 3,071,487 |
CURRENT LIABILITIES: | ||
Accounts payable | 614,511 | 562,439 |
Accrued expenses | 283,828 | 265,040 |
Deferred revenue and other liabilities | 172,259 | 154,384 |
Income taxes payable | 47,698 | 19,825 |
Current portion of other long-term debt and leasing obligations | 537 | 899 |
Total current liabilities | 1,118,833 | 1,002,587 |
LONG-TERM LIABILITIES: | ||
Other long-term debt and leasing obligations | 5,913 | 6,476 |
Deferred income taxes | 44,494 | 38,617 |
Deferred revenue and other liabilities | 434,733 | 331,628 |
Total long-term liabilities | 485,140 | 376,721 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, par value $0.01 per share, authorized shares 5,000,000; none issued and outstanding | 0 | 0 |
Additional paid-in capital | 1,015,404 | 958,943 |
Retained earnings | 1,471,182 | 1,187,514 |
Accumulated other comprehensive (loss) income | -73 | 24 |
Treasury stock, at cost, 13,208,580 and 8,879,705 at January 31, 2015 and February 1, 2014, respectively | -655,469 | -455,512 |
Total stockholders' equity | 1,832,225 | 1,692,179 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 3,436,198 | 3,071,487 |
Common Stock | ||
STOCKHOLDERS' EQUITY: | ||
Common stock | 932 | 961 |
Class B Common Stock | ||
STOCKHOLDERS' EQUITY: | ||
Common stock | $249 | $249 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Treasury stock shares acquired | 13,208,580 | 8,879,705 |
Common Stock | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 106,414,288 | 104,945,366 |
Common stock, outstanding shares | 93,205,708 | 96,065,661 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized shares | 40,000,000 | 40,000,000 |
Common stock, issued shares | 24,900,870 | 24,900,870 |
Common stock, outstanding shares | 24,900,870 | 24,900,870 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Common Stock | Common Stock |
In Thousands, except Share data, unless otherwise specified | Class B Common Stock | ||||||
BALANCE at Jan. 28, 2012 | $1,632,745 | $699,766 | $932,871 | $118 | ($1,224) | $964 | $250 |
BALANCE (in shares) at Jan. 28, 2012 | 96,373,002 | 24,960,870 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Exchange of Class B common stock for common stock | 0 | 1 | -1 | ||||
Exchange of Class B common stock for common stock (in shares) | 60,000 | -60,000 | |||||
Exercise of stock options | 78,285 | 78,231 | 54 | ||||
Exercise of stock options (in shares) | 5,431,053 | ||||||
Restricted stock vested | 0 | -3 | 3 | ||||
Restricted stock vested (in shares) | 381,128 | ||||||
Minimum tax withholding requirements | -5,518 | -5,517 | -1 | ||||
Minimum tax withholding requirements (in shares) | -116,591 | ||||||
Net income | 290,709 | 290,709 | |||||
Stock-based compensation | 32,181 | 32,181 | |||||
Total tax benefit from exercise of stock options | 69,578 | 69,578 | |||||
Foreign currency translation adjustment, net of taxes of $57, $51, and $4 for the year ended 2014, 2013, and 2012, respectively | -6 | -6 | |||||
Unrealized loss on securities available-for-sale, net of taxes of $4,734 | -27,636 | -27,636 | |||||
Reclassification adjustment for impairment of securities available-for-sale, net of taxes of $4,734 | 27,636 | 27,636 | |||||
Purchase of shares for treasury | -198,774 | -198,734 | -40 | ||||
Purchase of shares for treasury (in shares) | -4,023,900 | ||||||
Cash dividends declared per common share of $0.50, $0.50, and $2.50 for the year ended 2014, 2013, and 2012, respectively | -311,876 | -311,876 | |||||
BALANCE at Feb. 02, 2013 | 1,587,324 | 874,236 | 911,704 | 112 | -199,958 | 981 | 249 |
BALANCE (in shares) at Feb. 02, 2013 | 98,104,692 | 24,900,870 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Exercise of stock options | 43,482 | 43,460 | 22 | ||||
Exercise of stock options (in shares) | 2,154,201 | ||||||
Restricted stock vested | 0 | -9 | 9 | ||||
Restricted stock vested (in shares) | 913,759 | ||||||
Minimum tax withholding requirements | -13,168 | -13,165 | -3 | ||||
Minimum tax withholding requirements (in shares) | -281,786 | ||||||
Net income | 337,598 | 337,598 | |||||
Stock-based compensation | 27,119 | 27,119 | |||||
Total tax benefit from exercise of stock options | 27,302 | 27,302 | |||||
Foreign currency translation adjustment, net of taxes of $57, $51, and $4 for the year ended 2014, 2013, and 2012, respectively | -88 | -88 | |||||
Unrealized loss on securities available-for-sale, net of taxes of $4,734 | 0 | ||||||
Reclassification adjustment for impairment of securities available-for-sale, net of taxes of $4,734 | 0 | ||||||
Purchase of shares for treasury | -255,602 | -255,554 | -48 | ||||
Purchase of shares for treasury (in shares) | -4,800,000 | -4,825,205 | |||||
Cash dividends declared per common share of $0.50, $0.50, and $2.50 for the year ended 2014, 2013, and 2012, respectively | -61,788 | -61,788 | |||||
BALANCE at Feb. 01, 2014 | 1,692,179 | 958,943 | 1,187,514 | 24 | -455,512 | 961 | 249 |
BALANCE (in shares) at Feb. 01, 2014 | 96,065,661 | 24,900,870 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Exercise of stock options | 26,121 | 26,110 | 11 | ||||
Exercise of stock options (in shares) | 1,175,540 | ||||||
Restricted stock vested | 0 | -4 | 4 | ||||
Restricted stock vested (in shares) | 433,249 | ||||||
Minimum tax withholding requirements | -7,793 | -7,792 | -1 | ||||
Minimum tax withholding requirements (in shares) | -139,867 | ||||||
Net income | 344,198 | 344,198 | |||||
Stock-based compensation | 26,275 | 26,275 | |||||
Total tax benefit from exercise of stock options | 11,872 | 11,872 | |||||
Foreign currency translation adjustment, net of taxes of $57, $51, and $4 for the year ended 2014, 2013, and 2012, respectively | -97 | -97 | |||||
Unrealized loss on securities available-for-sale, net of taxes of $4,734 | 0 | ||||||
Reclassification adjustment for impairment of securities available-for-sale, net of taxes of $4,734 | 0 | ||||||
Purchase of shares for treasury | -200,000 | -199,957 | -43 | ||||
Purchase of shares for treasury (in shares) | -4,300,000 | -4,328,875 | |||||
Cash dividends declared per common share of $0.50, $0.50, and $2.50 for the year ended 2014, 2013, and 2012, respectively | -60,530 | -60,530 | |||||
BALANCE at Jan. 31, 2015 | $1,832,225 | $1,015,404 | $1,471,182 | ($73) | ($655,469) | $932 | $249 |
BALANCE (in shares) at Jan. 31, 2015 | 93,205,708 | 24,900,870 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustment, taxes | $57 | $51 | $4 |
Unrealized loss on securities available-for-sale, taxes | 0 | 0 | 4,734 |
Reclassification adjustment for impairment of securities available-for-sale, taxes | $0 | $0 | $4,734 |
Cash dividends declared per share (in dollars per share) | $0.50 | $0.50 | $2.50 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $344,198 | $337,598 | $290,709 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 179,431 | 154,928 | 125,096 |
Impairment of available-for-sale investments | 0 | 0 | 32,370 |
Deferred income taxes | -6,259 | 24,563 | -2,362 |
Stock-based compensation | 26,275 | 27,119 | 32,181 |
Excess tax benefit from exercise of stock options | -11,953 | -26,906 | -59,903 |
Gain on sale of asset | -14,428 | 0 | 0 |
Other non-cash items | 576 | 581 | 372 |
Changes in assets and liabilities: | |||
Accounts receivable | 1,797 | -9,690 | -4,328 |
Inventories | -158,702 | -135,879 | -81,189 |
Prepaid expenses and other assets | -11,004 | -7,717 | -8,693 |
Accounts payable | 81,330 | 11,684 | -13,588 |
Accrued expenses | 16,158 | -7,117 | -5,576 |
Income taxes payable / receivable | 32,476 | -13,357 | 92,352 |
Deferred construction allowances | 101,630 | 47,760 | 28,691 |
Deferred revenue and other liabilities | 24,453 | 303 | 12,152 |
Net cash provided by operating activities | 605,978 | 403,870 | 438,284 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | -349,007 | -285,668 | -219,026 |
Purchase of JJB Sports convertible notes and equity securities | 0 | 0 | -31,986 |
Proceeds from sale of other assets | 74,534 | 11,000 | 0 |
Proceeds from sale-leaseback transactions | 0 | 0 | 3,406 |
Deposits and purchases of other assets | -30,547 | -64,507 | -76,748 |
Net cash used in investing activities | -305,020 | -339,175 | -324,354 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Revolving credit borrowings | 1,401,800 | 926,000 | 0 |
Revolving credit repayments | -1,401,800 | -926,000 | 0 |
Payments on other long-term debt and leasing obligations | -925 | -8,984 | -145,322 |
Construction allowance receipts | 0 | 0 | 0 |
Proceeds from exercise of stock options | 26,121 | 43,482 | 78,285 |
Excess tax benefit from exercise of stock options | 12,204 | 27,106 | 64,767 |
Minimum tax withholding requirements | -7,793 | -13,168 | -5,518 |
Cash paid for treasury stock | -200,000 | -255,602 | -198,774 |
Cash dividends paid to stockholders | -61,262 | -64,432 | -306,972 |
(Decrease) increase in bank overdraft | -29,258 | 43,508 | 10,422 |
Net cash used in financing activities | -260,913 | -228,090 | -503,112 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -97 | -88 | -6 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 39,948 | -163,483 | -389,188 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 181,731 | 345,214 | 734,402 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 221,679 | 181,731 | 345,214 |
Supplemental disclosure of cash flow information: | |||
Accrued property and equipment | 42,900 | 40,745 | 23,772 |
Accrued deposits and purchases of other assets | 0 | 0 | 15,000 |
Cash paid during the year for interest | 2,631 | 2,255 | 5,352 |
Cash paid during the year for income taxes | $186,790 | $206,397 | $117,387 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies | |||||||||||
Operations – Dick's Sporting Goods, Inc. (together with its subsidiaries, referred to as the "Company", "we", "us" and "our" unless specified otherwise) is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories in a specialty store environment. The Company also owns and operates Golf Galaxy, Field & Stream and True Runner specialty stores. | ||||||||||||
Fiscal Year – The Company's fiscal year ends on the Saturday closest to the end of January. Fiscal years 2014, 2013 and 2012 ended on January 31, 2015, February 1, 2014 and February 2, 2013, respectively. All fiscal years presented include 52 weeks of operations except fiscal 2012, which included 53 weeks. | ||||||||||||
Principles of Consolidation – The Consolidated Financial Statements include Dick's Sporting Goods, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||
Reclassifications – Certain reclassifications have been made to prior year amounts within the Consolidated Statement of Cash Flows to conform to current year presentation. | ||||||||||||
Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and all highly liquid instruments purchased with a maturity of three months or less at the date of purchase. Cash equivalents are considered Level 1 investments and totaled $89.0 million and $91.9 million at January 31, 2015 and February 1, 2014, respectively. Interest income from cash equivalents was $0.1 million, $0.2 million and $1.0 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Cash Management – The Company's cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at January 31, 2015 and February 1, 2014 include $105.9 million and $135.2 million, respectively, of checks drawn in excess of cash balances not yet presented for payment. | ||||||||||||
Accounts Receivable – Accounts receivable consist principally of amounts receivable from vendors and landlords. The | ||||||||||||
allowance for doubtful accounts totaled $2.7 million and $3.1 million as of January 31, 2015 and February 1, 2014, respectively. | ||||||||||||
Inventories – Inventories are stated at the lower of weighted average cost or market. Inventory costs consist of the direct cost of merchandise including freight. Inventories are net of shrinkage, obsolescence, other valuation accounts and vendor allowances totaling $100.2 million and $82.6 million at January 31, 2015 and February 1, 2014, respectively. | ||||||||||||
Property and Equipment – Property and equipment are recorded at cost and include capitalized leases. For financial reporting purposes, depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | ||||||||||||
Buildings | 40 years | |||||||||||
Leasehold improvements | 10-25 years | |||||||||||
Furniture, fixtures and equipment | 3-7 years | |||||||||||
For leasehold improvements and property and equipment under capital lease agreements, depreciation and amortization are calculated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. Leasehold improvements made significantly after the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured. Depreciation expense was $159.1 million, $151.5 million and $123.3 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Renewals and betterments are capitalized and repairs and maintenance are expensed as incurred. | ||||||||||||
Impairment of Long-Lived Assets and Closed Store Reserves – The Company evaluates its long-lived assets to assess whether the carrying values have been impaired whenever events and circumstances indicate that the carrying value of these assets may not be recoverable based on estimated undiscounted future cash flows. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus eventual net proceeds expected from disposition of the asset (if any) are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value as determined based on quoted market prices or through the use of other valuation techniques. | ||||||||||||
The Company recognizes a liability for costs associated with closed or relocated premises when the Company ceases to use the location. The calculation of accrued lease termination and other costs primarily includes future minimum lease payments, maintenance costs and taxes from the date of closure or relocation to the end of the remaining lease term, net of contractual or estimated sublease income. The liability is discounted using a credit-adjusted risk-free rate of interest. The assumptions used in the calculation of the accrued lease termination and other costs are evaluated on a quarterly basis. | ||||||||||||
Goodwill – Goodwill represents the excess of acquisition cost over the fair value of the net assets of acquired entities. The Company assesses the carrying value of goodwill annually or whenever circumstances indicate that a decline in value may have occurred. | ||||||||||||
The goodwill impairment test is a two-step impairment test. In the first step, the Company compares the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using a combination of a discounted cash flow and a market value approach. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company must perform the second step in order to determine the implied fair value of the reporting unit's goodwill and compare it to the carrying value of the reporting unit's goodwill. If the carrying value of goodwill exceeds the implied estimated fair value, an impairment charge to current operations is recorded to reduce the carrying value to the implied estimated fair value. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by management. | ||||||||||||
Intangible Assets – Intangible assets consist primarily of trademarks and acquired trade names with indefinite lives, which are tested for impairment annually or whenever circumstances indicate that a decline in value may have occurred. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method. The Company's finite-lived intangible assets consist primarily of favorable lease assets and other acquisition related assets. Finite-lived intangible assets are amortized over their estimated useful economic lives and are reviewed for impairment when factors indicate that an impairment may have occurred. The Company recognizes an impairment charge when the estimated fair value of the intangible asset is less than the carrying value. | ||||||||||||
Self-Insurance – The Company is self-insured for certain losses related to health, workers' compensation and general liability insurance, although we maintain stop-loss coverage with third-party insurers to limit our liability exposure. Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions. | ||||||||||||
Pre-opening Expenses – Pre-opening expenses, which consist primarily of rent, marketing, payroll and recruiting costs, are expensed as incurred. | ||||||||||||
Earnings Per Common Share – Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock, plus the effect of dilutive potential common shares outstanding during the period, using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock and warrants. | ||||||||||||
Stock-Based Compensation – The Company has the ability to grant restricted shares of common stock, restricted stock units and stock options to purchase common stock under the Dick's Sporting Goods, Inc. 2012 Stock and Incentive Plan. The Company records stock-based compensation expenses based on the fair value of stock awards at the grant date and recognizes the expense over the related service period. | ||||||||||||
Income Taxes – The Company utilizes the asset and liability method of accounting for income taxes and provides deferred income taxes for temporary differences between the amounts reported for assets and liabilities for financial statement purposes and for income tax reporting purposes, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that will more likely than not be realized upon ultimate settlement. Interest and penalties related to income tax matters are recognized in income tax expense. | ||||||||||||
Revenue Recognition – Revenue from retail sales is recognized at the point of sale, net of sales tax. Revenue from eCommerce sales is recognized upon shipment of merchandise. Service-related revenue is recognized as the services are performed. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. Revenue from gift cards and returned merchandise credits (collectively the "cards") are deferred and recognized upon the redemption of the cards. These cards have no expiration date. Income from unredeemed cards is recognized on the Consolidated Statements of Income within selling, general and administrative expenses at the point at which redemption becomes remote. The Company performs an evaluation of the aging of the unredeemed cards, based on the elapsed time from the date of original issuance, to determine when redemption becomes remote. | ||||||||||||
Cost of Goods Sold – Cost of goods sold includes the cost of merchandise, vendor allowances, inventory shrinkage and obsolescence, freight, distribution, shipping and store occupancy costs. Store occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation, fixture lease expenses and certain insurance expenses. | ||||||||||||
Selling, General and Administrative Expenses – Selling, general and administrative expenses include store and field support payroll and fringe benefits, advertising, bank card charges, information systems, marketing, legal, accounting, other store expenses and all expenses associated with operating the Company's corporate headquarters. | ||||||||||||
Advertising Costs – Production costs of advertising and the costs to run the advertisements are expensed the first time the advertisement takes place. Advertising expense, net of cooperative advertising, was $248.7 million, $223.9 million and $201.0 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Vendor Allowances – Vendor allowances include allowances, rebates and cooperative advertising funds received from vendors. These funds are determined for each fiscal year and the majority are based on various quantitative contract terms. Amounts expected to be received from vendors relating to the purchase of merchandise inventories are recognized as a reduction of cost of goods sold as the merchandise is sold. Amounts that represent a reimbursement of costs incurred, such as advertising, are recorded as a reduction to the related expense in the period that the related expense is incurred. The Company records an estimate of earned allowances based on the latest projected purchase volumes and advertising forecasts. On an annual basis at the end of the fiscal year, the Company confirms earned allowances with vendors to determine that the amounts are recorded in accordance with the terms of the contract. | ||||||||||||
Segment Information – The Company is a specialty omni-channel retailer that offers a broad range of products in its specialty retail stores primarily in the eastern United States. Given the economic characteristics of the store formats, the similar nature of the products sold, the type of customer and method of distribution, the Company's operating segments are aggregated within one reportable segment. The following table sets forth the approximate amount of net sales attributable to hardlines, apparel and footwear for the periods presented (in millions): | ||||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hardlines | $ | 2,992 | $ | 2,763 | $ | 2,755 | ||||||
Apparel | 2,461 | 2,184 | 1,929 | |||||||||
Footwear | 1,316 | 1,222 | 1,115 | |||||||||
Other | 45 | 44 | 37 | |||||||||
Total net sales | $ | 6,814 | $ | 6,213 | $ | 5,836 | ||||||
Construction Allowances – All of the Company's store locations are leased. The Company may receive reimbursement from a landlord for some of the cost of the structure, subject to satisfactory fulfillment of applicable lease provisions. These reimbursements may be referred to as tenant allowances, construction allowances or landlord reimbursements ("construction allowances"). | ||||||||||||
The Company's accounting for construction allowances differs if the Company is deemed to be the owner of the asset during the construction period. Some of the Company's leases have a cap on the construction allowance, which places the Company at risk for cost overruns and causes the Company to be deemed the owner during the construction period. In cases where the Company is deemed to be the owner during the construction period, a sale and leaseback of the asset occurs when construction of the asset is complete and the lease term begins, if relevant sale-leaseback accounting criteria are met. Any gain or loss from the transaction is included within deferred revenue and other liabilities on the Consolidated Balance Sheets and deferred and amortized as rent expense on a straight-line basis over the term of the lease. The Company reports the amount of cash received for the construction allowance as construction allowance receipts within the financing activities section of its Consolidated Statements of Cash Flows when such allowances are received prior to completion of the sale-leaseback transaction. The Company reports the amount of cash received from construction allowances as proceeds from sale leaseback transactions within the investing activities section of its Consolidated Statements of Cash Flows when such amounts are received after the sale-leaseback accounting criteria have been achieved. | ||||||||||||
In instances where the Company is not deemed to be the owner during the construction period, reimbursement from a landlord for tenant improvements is classified as an incentive and included within deferred revenue and other liabilities on the Consolidated Balance Sheets. The deferred rent credit is amortized as rent expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in deferred construction allowances. | ||||||||||||
Leases – Escalating rent payments, rent abatements and rent holidays are considered in the calculation of minimum lease payments in the Company's capital lease tests and in determining straight-line rent expense for operating leases. The Company records any difference between the straight-line rent amount and amounts payable under the lease as part of deferred rent within long-term deferred revenue and other liabilities on the Consolidated Balance Sheets. | ||||||||||||
Contingent payments based upon sales and future increases determined by inflation related indices cannot be estimated at the inception of the lease and accordingly, are charged to operations as incurred. The Company records contingent rent within accrued expenses on the Consolidated Balance Sheets. | ||||||||||||
Recently Issued Accounting Pronouncement – In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers." This update requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the update (1) specifies the accounting for some costs to obtain or fulfill a contract with a customer and (2) expands disclosure requirements related to revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and permits the use of either the retrospective or cumulative effect transition method. Early application is not permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on the Company’s Consolidated Financial Statements. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||||||||||||||
At January 31, 2015 and February 1, 2014, the Company reported goodwill of $200.6 million net of accumulated impairment charges of $111.3 million. There was no change in the carrying value of goodwill during fiscal 2014 or fiscal 2013. No impairment charges were recorded for goodwill in fiscal 2014, 2013 or 2012. | ||||||||||||||||
The Company had indefinite-lived and finite-lived intangible assets of $103.8 million and $6.3 million, respectively, as of January 31, 2015 and $89.5 million and $8.8 million, respectively, as of February 1, 2014. During fiscal 2014, the Company recorded a $12.4 million non-cash impairment charge for a trademark and trade name related to the Company's golf restructuring to reduce the carrying value of the respective assets to their estimated fair value. The impairment charge is included within selling, general and administrative expenses on the Consolidated Statement of Income. No impairment charges were recorded for the Company's intangible assets in fiscal 2013 or 2012. | ||||||||||||||||
On October 1, 2014, the Company purchased the intellectual property rights to the Field & Stream mark in product categories that were not otherwise owned by the Company for $26.3 million. The Company previously owned the intellectual property rights to the Field & Stream mark in the hunt, camp, fish and paddle product categories. These Field & Stream intellectual property assets are indefinite-lived intangible assets, which are not being amortized. | ||||||||||||||||
The components of intangible assets were as follows (in thousands): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Trademarks (indefinite-lived) | $ | 87,081 | $ | — | $ | 68,730 | $ | — | ||||||||
Trade name (indefinite-lived) | 11,400 | — | 15,900 | — | ||||||||||||
Customer list | 1,200 | (1,200 | ) | 1,200 | (1,200 | ) | ||||||||||
Favorable leases and other finite-lived intangible assets | 16,205 | (9,882 | ) | 16,454 | (7,674 | ) | ||||||||||
Other indefinite-lived intangible assets | 5,358 | — | 4,845 | — | ||||||||||||
Total intangible assets | $ | 121,244 | $ | (11,082 | ) | $ | 107,129 | $ | (8,874 | ) | ||||||
Amortization expense for the Company's finite-lived intangible assets was $2.5 million, $2.3 million and $2.0 million for fiscal 2014, 2013 and 2012, respectively. The annual estimated amortization expense of the finite-lived intangible assets recorded as of January 31, 2015 is expected to be as follows (in thousands): | ||||||||||||||||
Fiscal Year | Estimated Amortization Expense | |||||||||||||||
2015 | $ | 1,553 | ||||||||||||||
2016 | 1,498 | |||||||||||||||
2017 | 1,273 | |||||||||||||||
2018 | 1,055 | |||||||||||||||
2019 | 554 | |||||||||||||||
Thereafter | 390 | |||||||||||||||
Total | $ | 6,323 | ||||||||||||||
Store_Closings
Store Closings | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Store Closings [Abstract] | ||||||||
Store Closings | Store Closings | |||||||
The following table summarizes the activity of the Company's store closing reserves (in thousands): | ||||||||
2014 | 2013 | |||||||
Accrued store closing and relocation reserves, beginning of period | $ | 17,102 | $ | 31,785 | ||||
Expense charged to earnings | 2,149 | — | ||||||
Cash payments | (6,381 | ) | (12,516 | ) | ||||
Interest accretion and other changes in assumptions | (85 | ) | (2,167 | ) | ||||
Accrued store closing and relocation reserves, end of period | 12,785 | 17,102 | ||||||
Less: current portion of accrued store closing and relocation reserves | (4,208 | ) | (5,949 | ) | ||||
Long-term portion of accrued store closing and relocation reserves | $ | 8,577 | $ | 11,153 | ||||
The current portion of accrued store closing and relocation reserves is included within accrued expenses and the long-term portion is included within long-term deferred revenue and other liabilities on the Consolidated Balance Sheets. The related expense is recorded within selling, general and administrative expenses on the Consolidated Statements of Income. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment are recorded at cost and consist of the following as of the end of the fiscal periods (in thousands): | ||||||||
2014 | 2013 | |||||||
Buildings and land | $ | 220,852 | $ | 220,295 | ||||
Leasehold improvements | 1,069,868 | 895,798 | ||||||
Furniture, fixtures and equipment | 1,048,887 | 943,532 | ||||||
Total property and equipment | 2,339,607 | 2,059,625 | ||||||
Less: accumulated depreciation and amortization | (1,136,225 | ) | (975,096 | ) | ||||
Net property and equipment | $ | 1,203,382 | $ | 1,084,529 | ||||
The amounts above include construction in progress of $113.4 million and $101.1 million for fiscal 2014 and 2013, respectively. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Accrued Liabilities, Current [Abstract] | ||||||||
Accrued Expenses | Accrued Expenses | |||||||
Accrued expenses consist of the following as of the end of the fiscal periods (in thousands): | ||||||||
2014 | 2013 | |||||||
Accrued payroll, withholdings and benefits | $ | 98,327 | $ | 99,619 | ||||
Accrued real estate taxes, utilities and other occupancy | 54,200 | 60,178 | ||||||
Accrued property and equipment | 43,666 | 41,036 | ||||||
Accrued sales tax | 26,153 | 21,800 | ||||||
Other accrued expenses | 61,482 | 42,407 | ||||||
Total accrued expenses | $ | 283,828 | $ | 265,040 | ||||
Deferred_Revenue_and_Other_Lia
Deferred Revenue and Other Liabilities | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Deferred Credits and Other Liabilities [Abstract] | ||||||||
Deferred Revenue and Other Liabilities | Deferred Revenue and Other Liabilities | |||||||
Deferred revenue and other liabilities consist of the following as of the end of the fiscal periods (in thousands): | ||||||||
2014 | 2013 | |||||||
Current: | ||||||||
Deferred gift card revenue | $ | 151,791 | $ | 138,513 | ||||
Deferred construction allowances | 1,686 | 1,439 | ||||||
Other | 18,782 | 14,432 | ||||||
Total current | $ | 172,259 | $ | 154,384 | ||||
Long-term: | ||||||||
Deferred rent, including pre-opening rent | $ | 80,130 | $ | 70,713 | ||||
Deferred construction allowances | 278,391 | 181,148 | ||||||
Other | 76,212 | 79,767 | ||||||
Total long-term | $ | 434,733 | $ | 331,628 | ||||
Debt
Debt | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
The Company's outstanding debt consists of the following as of the end of the fiscal periods (in thousands): | ||||||||
2014 | 2013 | |||||||
Revolving line of credit | $ | — | $ | — | ||||
Capital leases | 5,994 | 6,818 | ||||||
Other debt | 456 | 557 | ||||||
Total debt | 6,450 | 7,375 | ||||||
Less: current portion | (537 | ) | (899 | ) | ||||
Total long-term debt | $ | 5,913 | $ | 6,476 | ||||
Revolving Credit Agreement – On December 5, 2011, the Company entered into a five-year credit agreement with Wells Fargo Bank, National Association (the "Credit Agreement"), which replaced the Company's then existing credit facility that was terminated. The Credit Agreement provides for a $500 million revolving credit facility, including up to $100 million in the form of letters of credit and allows the Company, subject to the satisfaction of certain conditions, to request an increase of up to $250 million in borrowing availability to the extent that existing or new lenders agree to provide such additional revolving commitments. | ||||||||
The Credit Agreement, which matures on December 5, 2016, is secured by a first priority security interest in certain property and assets, including receivables, inventory, deposit accounts and other personal property of the Company, and is guaranteed by the Company's domestic subsidiaries. | ||||||||
The annual interest rates applicable to loans under the Credit Agreement are, at the Company's option, a base rate or an adjusted LIBOR rate plus, in each case, an applicable margin percentage. The applicable margin percentage for base rate loans is 0.20% to 0.50% and for adjusted LIBOR rate loans is 1.20% to 1.50%, depending on the borrowing availability of the Company. | ||||||||
The Credit Agreement contains certain covenants that limit the ability of the Company to, among other things: incur or guarantee additional indebtedness; pay distributions on, redeem or repurchase capital stock or redeem or repurchase subordinated debt; make certain investments; sell assets; and consolidate, merge or transfer all or substantially all of the Company's assets. In addition, the Credit Agreement contains a covenant that requires the Company to maintain a minimum adjusted availability of 7.5% of its borrowing base. As of January 31, 2015, the Company was in compliance with the terms of the credit agreement. | ||||||||
There were no borrowings under the Credit Agreement as of January 31, 2015 and February 1, 2014, respectively. As of January 31, 2015, the Company had outstanding letters of credit and total borrowing capacity under the Credit Agreement of $14.0 million and $486.0 million, respectively. The Company had $13.0 million of outstanding letters of credit and $487.0 million of total borrowing capacity as of February 1, 2014. | ||||||||
Capital Lease Obligations – The gross and net carrying values of assets under capital leases were $7.3 million and $0.8 million, respectively, as of January 31, 2015, and $30.3 million and $16.3 million, respectively, as of February 1, 2014. The Company also leases two buildings from an entity that is a related party to its Chairman and Chief Executive Officer, under a capital lease entered into May 1, 1986 that expires in April 2021. | ||||||||
Scheduled lease payments under capital lease obligations as of January 31, 2015 are as follows (in thousands): | ||||||||
Fiscal Year | ||||||||
2015 | $ | 1,024 | ||||||
2016 | 1,024 | |||||||
2017 | 1,024 | |||||||
2018 | 1,044 | |||||||
2019 | 1,103 | |||||||
Thereafter | 3,988 | |||||||
Subtotal | 9,207 | |||||||
Less: amounts representing interest | (3,213 | ) | ||||||
Present value of net scheduled lease payments | 5,994 | |||||||
Less: amounts due in one year | (429 | ) | ||||||
Total long-term capital leases | $ | 5,565 | ||||||
Operating_Leases
Operating Leases | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Leases, Operating [Abstract] | ||||
Operating Leases | Operating Leases | |||
The Company leases substantially all of its stores, three distribution centers and equipment under non-cancellable operating leases that expire at various dates through 2030. Initial lease terms are generally for 10 to 15 years and most store leases contain multiple five-year renewal options and rent escalation provisions. The lease agreements provide primarily for the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance, and in some cases, contingent rent stated as a percentage of gross sales over certain base amounts. Rent expense under these operating leases totaled approximately $441.5 million, $411.5 million and $388.3 million for fiscal 2014, 2013 and 2012, respectively. The Company entered into sale-leaseback transactions related to store fixtures, buildings and equipment that resulted in cash receipts of $3.4 million for fiscal 2012. | ||||
Scheduled lease payments due under non-cancellable operating leases as of January 31, 2015 are as follows (in thousands): | ||||
Fiscal Year | ||||
2015 | $ | 505,519 | ||
2016 | 511,223 | |||
2017 | 470,053 | |||
2018 | 416,897 | |||
2019 | 363,854 | |||
Thereafter | 1,236,347 | |||
Total | $ | 3,503,893 | ||
The Company has subleases related to certain of its operating lease agreements. The Company recognized sublease rental income of $0.6 million, $0.7 million and $0.9 million in fiscal 2014, 2013 and 2012, respectively. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Jan. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity |
Common Stock, Class B Common Stock and Preferred Stock – The Company's Amended and Restated Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value $0.01 per share, and the issuance of 40,000,000 shares of Class B common stock, par value $0.01 per share. In addition, the Company's Amended and Restated Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock. | |
Holders of common stock generally have rights identical to holders of Class B common stock, except that holders of common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share. A related party, relatives of the related party and trusts held by them hold all of the Class B common stock. These shares can only be held by members of this group and are not publicly tradable. Each share of Class B common stock can be converted at any time into one share of common stock at the holder's option. | |
Dividends per Common Share – The Company declared and paid cash dividends of $0.50, $0.50 and $2.50 per share of common stock and Class B common stock during fiscal 2014, 2013 and 2012, respectively. Fiscal 2012 included a special cash dividend of $2.00 per share of common stock and Class B common stock. | |
Treasury Stock – On March 7, 2013, the Company's Board of Directors authorized a five-year share repurchase program of up to $1 billion of the Company's common stock. During fiscal 2014, the Company repurchased 4.3 million shares of its common stock for $200.0 million. During fiscal 2013, the Company repurchased 4.8 million shares of its common stock for $255.6 million. |
StockBased_Compensation_and_Em
Stock-Based Compensation and Employee Stock Plans | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation and Employee Stock Plans | Stock-Based Compensation and Employee Stock Plans | ||||||||||||||||
The Company has the ability to grant restricted shares of common stock, restricted stock units and options to purchase common stock under the Dick's Sporting Goods, Inc. 2012 Stock and Incentive Plan (the "Plan"). As of January 31, 2015, shares of common stock available for future issuance pursuant to the Plan were 10,862,360 shares. | |||||||||||||||||
The following represents total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands): | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock option expense | $ | 7,903 | $ | 8,263 | $ | 10,215 | |||||||||||
Restricted stock expense | 18,372 | 18,856 | 21,966 | ||||||||||||||
Total stock-based compensation expense | $ | 26,275 | $ | 27,119 | $ | 32,181 | |||||||||||
Total related tax benefit | $ | 9,200 | $ | 9,230 | $ | 11,561 | |||||||||||
Stock Option Plans – Stock options are generally granted on an annual basis, vest 25% per year over four years and have a seven-year maximum term. | |||||||||||||||||
The fair value of each stock option granted is estimated on the grant date using the Black-Scholes ("Black-Scholes") option valuation model. The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and the Company's experience. These options are expensed on a straight-line basis over the vesting period, which is considered to be the requisite service period. Compensation expense is recognized only for those options expected to vest, with forfeitures estimated at the date of grant based on the Company's historical experience and future expectations. | |||||||||||||||||
The fair value of stock-based awards to employees is estimated on the date of grant using the Black-Scholes valuation with the following assumptions: | |||||||||||||||||
Employee Stock Option Plans | |||||||||||||||||
Black-Scholes Valuation Assumptions | 2014 | 2013 | 2012 | ||||||||||||||
Expected life (years) (1) | 5.23 | 5.33 | 5.7 | ||||||||||||||
Expected volatility (2) | 31.97% - 44.48% | 36.10% - 47.86% | 44.52% - 49.38% | ||||||||||||||
Weighted average volatility | 36.28 | % | 46.71 | % | 47.25 | % | |||||||||||
Risk-free interest rate (3) | 1.44% - 2.39% | 0.73% - 1.73% | 0.59% - 1.57% | ||||||||||||||
Expected dividend yield | 0.90% - 1.13% | 0.98% - 1.04% | 0.98% - 1.25% | ||||||||||||||
Weighted average grant date fair value | $ | 17.31 | $ | 18.31 | $ | 19.24 | |||||||||||
(1) | The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. | ||||||||||||||||
(2) | Expected volatility is based on the historical volatility of the Company's common stock over a timeframe consistent with the expected life of the stock options. | ||||||||||||||||
(3) | The risk-free interest rate is based on the implied yield available on U.S. Treasury constant maturity interest rates whose term is consistent with the expected life of the stock options. | ||||||||||||||||
The assumptions used to calculate the fair value of options granted are evaluated and revised, as necessary, to reflect market conditions and experience. | |||||||||||||||||
The stock option activity from January 28, 2012 through January 31, 2015 is presented in the following table: | |||||||||||||||||
Shares Subject to Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||
Outstanding, January 28, 2012 | 11,658,089 | $ | 18.6 | 3.45 | $ | 262,995 | |||||||||||
Granted | 581,665 | 48.35 | |||||||||||||||
Exercised | (5,431,053 | ) | 14.38 | ||||||||||||||
Forfeited / Expired | (99,977 | ) | 25.48 | ||||||||||||||
Outstanding, February 2, 2013 | 6,708,724 | $ | 24.5 | 3.6 | $ | 157,380 | |||||||||||
Granted | 682,344 | 47.31 | |||||||||||||||
Exercised | (2,154,201 | ) | 20.18 | ||||||||||||||
Forfeited / Expired | (282,820 | ) | 41.57 | ||||||||||||||
Outstanding, February 1, 2014 | 4,954,047 | $ | 28.55 | 3.19 | $ | 118,784 | |||||||||||
Granted | 559,722 | 53.78 | |||||||||||||||
Exercised | (1,175,540 | ) | 22.22 | ||||||||||||||
Forfeited / Expired | (256,931 | ) | 44.42 | ||||||||||||||
Outstanding, January 31, 2015 | 4,081,298 | $ | 32.83 | 3 | $ | 78,432 | |||||||||||
Exercisable, January 31, 2015 | 2,874,454 | $ | 25.84 | 2.05 | $ | 74,210 | |||||||||||
Vested and expected to vest, January 31, 2015 | 3,962,463 | $ | 32.27 | 2.92 | $ | 78,172 | |||||||||||
The aggregate intrinsic value reported in the table above is based on the Company's closing stock prices for the last business day of the period indicated. The total intrinsic value for stock options exercised during 2014, 2013 and 2012 was $34.3 million, $67.2 million and $186.5 million, respectively. The total fair value of options vested during 2014, 2013 and 2012 was $8.2 million, $14.9 million and $7.1 million, respectively. The nonvested stock option activity for the year ended January 31, 2015 is presented in the following table: | |||||||||||||||||
Shares Subject to Options | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested, February 1, 2014 | 1,336,590 | $ | 17.9 | ||||||||||||||
Granted | 559,722 | 17.31 | |||||||||||||||
Vested | (484,356 | ) | 17.02 | ||||||||||||||
Forfeited | (205,112 | ) | 17.17 | ||||||||||||||
Nonvested, January 31, 2015 | 1,206,844 | $ | 18.1 | ||||||||||||||
As of January 31, 2015, unrecognized stock-based compensation expense related to nonvested stock options was approximately $13.2 million, net of estimated forfeitures, which is expected to be recognized over a weighted average period of approximately 2.31 years. | |||||||||||||||||
The Company issues new shares of common stock upon exercise of stock options. | |||||||||||||||||
Additional information regarding options outstanding as of January 31, 2015 is as follows: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of | Shares | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Exercise Prices | |||||||||||||||||
$12.44 - $18.95 | 1,170,980 | 1.1 | $ | 15.57 | 1,170,980 | $ | 15.57 | ||||||||||
$19.71 - $28.23 | 1,140,891 | 2.09 | 27.3 | 1,140,891 | 27.3 | ||||||||||||
$33.13 - $48.60 | 1,202,870 | 4.31 | 44.83 | 532,285 | 43.89 | ||||||||||||
$49.26 - $57.59 | 566,557 | 5.96 | 54.16 | 30,298 | 51.36 | ||||||||||||
$12.44 - $57.59 | 4,081,298 | 3 | $ | 32.83 | 2,874,454 | $ | 25.84 | ||||||||||
Restricted Stock – The Company issues shares of restricted stock to eligible employees, which are subject to forfeiture until the end of an applicable vesting period. The awards generally vest on the third anniversary of the date of grant, subject to the employee's continuing employment as of that date. | |||||||||||||||||
The restricted stock activity from January 28, 2012 through January 31, 2015 is presented in the following table: | |||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested, January 28, 2012 | 2,090,433 | $ | 28.16 | ||||||||||||||
Granted | 542,221 | 48.55 | |||||||||||||||
Vested | (381,278 | ) | 15.09 | ||||||||||||||
Forfeited | (159,281 | ) | 32.76 | ||||||||||||||
Nonvested, February 2, 2013 | 2,092,095 | $ | 35.48 | ||||||||||||||
Granted | 1,806,949 | 46.85 | |||||||||||||||
Vested | (913,769 | ) | 27.46 | ||||||||||||||
Forfeited | (553,621 | ) | 39.93 | ||||||||||||||
Nonvested, February 1, 2014 | 2,431,654 | $ | 45.93 | ||||||||||||||
Granted | 593,841 | 53.36 | |||||||||||||||
Vested | (433,249 | ) | 39.99 | ||||||||||||||
Forfeited | (406,127 | ) | 48.4 | ||||||||||||||
Nonvested, January 31, 2015 | 2,186,119 | $ | 48.67 | ||||||||||||||
As of January 31, 2015, total unrecognized stock-based compensation expense related to nonvested shares of restricted stock, net of estimated forfeitures, was approximately $23.3 million before income taxes, which is expected to be recognized over a weighted average period of approximately 1.99 years. | |||||||||||||||||
During 2013, the Company issued a special grant of 1,185,793 shares of performance-based restricted stock in support of the Company's five-year strategic plan. The Company issued an additional 118,095 shares of performance-based restricted stock during 2014. As of January 31, 2015, nonvested restricted stock outstanding included 862,655 shares of these performance-based awards, which vest at the end of a five-year period based upon the achievement of certain pre-established financial performance metrics at the end of the performance period, with an opportunity for earlier vesting if the target metrics are achieved at the end of any fiscal year within the performance period. As of January 31, 2015, these awards were not deemed probable of achieving the pre-established financial performance metrics. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The components of the provision for income taxes are as follows for the fiscal periods ended (in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 187,735 | $ | 156,177 | $ | 174,049 | ||||||
State | 30,340 | 27,769 | 27,429 | |||||||||
218,075 | 183,946 | 201,478 | ||||||||||
Deferred: | ||||||||||||
Federal | (5,740 | ) | 23,499 | (1,734 | ) | |||||||
State | (519 | ) | 1,064 | (628 | ) | |||||||
(6,259 | ) | 24,563 | (2,362 | ) | ||||||||
Total provision | $ | 211,816 | $ | 208,509 | $ | 199,116 | ||||||
The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State tax, net of federal benefit | 3.1 | % | 3.5 | % | 3.6 | % | ||||||
Valuation allowance | — | % | (0.4 | )% | 1.6 | % | ||||||
Other permanent items | — | % | 0.1 | % | 0.5 | % | ||||||
Effective income tax rate | 38.1 | % | 38.2 | % | 40.7 | % | ||||||
Components of deferred tax assets (liabilities) consist of the following as of the fiscal periods ended (in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Inventory | $ | 42,163 | $ | 35,531 | ||||||||
Store closing expense | 4,984 | 6,674 | ||||||||||
Stock-based compensation | 25,913 | 26,692 | ||||||||||
Capital loss carryforward | 5,608 | 6,242 | ||||||||||
Employee benefits | 34,167 | 33,156 | ||||||||||
Other accrued expenses not currently deductible for tax purposes | 5,520 | 4,631 | ||||||||||
Deferred rent | 31,234 | 27,609 | ||||||||||
Insurance | 2,432 | 2,352 | ||||||||||
Gift cards | 13,691 | 11,531 | ||||||||||
Deferred revenue currently taxable | 4,837 | 4,404 | ||||||||||
Non income-based tax reserves | 8,174 | 7,098 | ||||||||||
Uncertain income tax positions | 3,524 | 3,112 | ||||||||||
Valuation allowance | (5,608 | ) | (6,242 | ) | ||||||||
Other | 77 | — | ||||||||||
Total deferred tax assets | 176,716 | 162,790 | ||||||||||
Property and equipment | (134,057 | ) | (118,854 | ) | ||||||||
Inventory | (27,386 | ) | (30,342 | ) | ||||||||
Intangibles | (6,319 | ) | (10,875 | ) | ||||||||
Other | — | (24 | ) | |||||||||
Total deferred tax liabilities | (167,762 | ) | (160,095 | ) | ||||||||
Net deferred tax asset | $ | 8,954 | $ | 2,695 | ||||||||
In 2014, of the $9.0 million net deferred tax asset, $51.6 million is included within current assets, $1.9 million is included within other long-term assets and $44.5 million is included within other long-term liabilities on the Consolidated Balance Sheets. In 2013, of the $2.7 million net deferred tax asset, $38.8 million was included within current assets, $2.5 million was included within other long-term assets and $38.6 million was included within other long-term liabilities on the Consolidated Balance Sheets. | ||||||||||||
The Company determined that a valuation allowance of $7.9 million was required for a portion of the deferred tax asset recorded in fiscal 2012 relating to a $32.4 million net capital loss carryforward resulting from the impairment of its investment in JJB Sports, plc ("JJB Sports"). During the first quarter of 2013, the Company determined that it would recover $4.3 million of its investment in JJB Sports, which it had previously impaired. There was no related tax expense for this recovery as the Company reversed a portion of the deferred tax valuation allowance it had previously recorded for net capital loss carryforwards it did not expect to realize at the time its investment in JJB Sports was fully impaired. The Company has received, and may receive in future periods, additional immaterial recoveries related to its investment in JJB Sports. | ||||||||||||
As of January 31, 2015, the total liability for uncertain tax positions, including related interest and penalties, was approximately $10.1 million. | ||||||||||||
The following table represents a reconciliation of the Company's total balance of unrecognized tax benefits, excluding interest and penalties (in thousands): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning of fiscal year | $ | 7,507 | $ | 10,670 | $ | 18,692 | ||||||
Increases as a result of tax positions taken in a prior period | 124 | 1,651 | 1,816 | |||||||||
Decreases as a result of tax positions taken in a prior period | — | (2,240 | ) | (4,370 | ) | |||||||
Increases as a result of tax positions taken in the current period | 1,057 | 985 | 1,740 | |||||||||
Decreases as a result of settlements during the current period | (312 | ) | (3,559 | ) | (6,405 | ) | ||||||
Reductions as a result of a lapse of statute of limitations during the current period | — | — | (803 | ) | ||||||||
End of fiscal year | $ | 8,376 | $ | 7,507 | $ | 10,670 | ||||||
The balance at January 31, 2015 includes $5.4 million of unrecognized tax benefits that would impact our effective tax rate if recognized. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. | ||||||||||||
As of January 31, 2015, the liability for uncertain tax positions includes $1.8 million for the accrual of interest and penalties. During fiscal 2014, 2013 and 2012, the Company recorded $0.3 million, $0.9 million and $0.8 million, respectively, for the accrual of interest and penalties in the Consolidated Statements of Income. The Company has federal, state and local examinations currently ongoing. It is possible that these examinations may be resolved within 12 months. Due to the potential for resolution of these examinations, and the expiration of various statutes of limitation, it is reasonably possible that $3.6 million of the Company's gross unrecognized tax benefits and interest at January 31, 2015 could be recognized within the next 12 months. The Company does not anticipate that changes in its unrecognized tax benefits will have a material impact on the Consolidated Statements of Income during fiscal 2015. | ||||||||||||
The Company participates in the Internal Revenue Service ("IRS") Compliance Assurance Program ("CAP"). As part of the CAP, tax years are audited on a contemporaneous basis so that all or most issues are resolved prior to the filing of the tax return. The IRS has completed examinations of 2013 and all prior tax years. The Company is no longer subject to examination in any of its major state jurisdictions for years prior to 2007. |
Earnings_per_Common_Share
Earnings per Common Share | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Common Share | Earnings per Common Share | |||||||||||
The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): | ||||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per common share - Basic: | ||||||||||||
Net income | $ | 344,198 | $ | 337,598 | $ | 290,709 | ||||||
Weighted average common shares outstanding - basic | 119,244 | 122,878 | 121,629 | |||||||||
Earnings per common share | $ | 2.89 | $ | 2.75 | $ | 2.39 | ||||||
Earnings per common share - Diluted: | ||||||||||||
Net income | $ | 344,198 | $ | 337,598 | $ | 290,709 | ||||||
Weighted average common shares outstanding - basic | 119,244 | 122,878 | 121,629 | |||||||||
Dilutive effect of stock-based awards | 1,994 | 2,750 | 4,366 | |||||||||
Weighted average common shares outstanding - diluted | 121,238 | 125,628 | 125,995 | |||||||||
Earnings per common share | $ | 2.84 | $ | 2.69 | $ | 2.31 | ||||||
Anti-dilutive stock-based awards excluded from diluted calculation | 1,334 | 899 | 768 | |||||||||
Retirement_Savings_Plans
Retirement Savings Plans | 12 Months Ended |
Jan. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Savings Plans | Retirement Savings Plans |
The Company's retirement savings plan, established pursuant to Section 401(k) of the Internal Revenue Code, covers regular status full-time hourly and salaried employees as of their date of hire and part-time regular employees who have worked 1,000 hours or more in a year. Employees must be 21 years of age to participate. Under the terms of the retirement savings plan, the Company may make a discretionary matching contribution equal to a percentage of each participant's contribution, up to 10% of the participant's compensation. The Company's discretionary matching contribution percentage is typically 50%. Total employer contributions recorded under the plan, net of forfeitures, was $6.1 million, $6.4 million and $5.3 million for fiscal 2014, 2013 and 2012, respectively. | |
The Company also has non-qualified deferred compensation plans for highly compensated employees whose contributions are limited under qualified defined contribution plans. Amounts contributed and deferred under the deferred compensation plans are credited or charged with the performance of investment options offered under the plans and elected by the participants. In the event of bankruptcy, the assets of these plans are available to satisfy the claims of general creditors. The liability for compensation deferred under the Company's plans was $52.2 million and $49.4 million as of January 31, 2015 and February 1, 2014, respectively, and is included within long-term liabilities on the Consolidated Balance Sheets. Total employer contributions recorded under these plans, net of forfeitures, was $1.5 million, $1.0 million and $0.9 million for fiscal 2014, 2013 and 2012, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | Commitments and Contingencies | |||
Marketing and Naming Rights Commitments | ||||
Within the ordinary course of business, the Company enters into contractual commitments in order to promote the Company's brand and products, including media and naming rights extending through 2026. The aggregate payments under these commitments were $52.1 million, $29.0 million and $25.8 million during fiscal 2014, 2013 and 2012, respectively. The aggregate amount of future minimum payments at January 31, 2015 is as follows (in thousands): | ||||
Fiscal Year | ||||
2015 | $ | 37,534 | ||
2016 | 34,549 | |||
2017 | 3,090 | |||
2018 | 3,176 | |||
2019 | 3,266 | |||
Thereafter | 20,409 | |||
Total | $ | 102,024 | ||
Licenses for Trademarks | ||||
Within the ordinary course of business, the Company enters into licensing agreements for the exclusive or preferential rights to use certain trademarks extending through 2020. Under specific agreements, the Company is obligated to pay annual guaranteed minimum royalties. Also, the Company is required to pay additional royalties when the royalties that are based on qualified purchases or retail sales (dependent upon the agreement) exceed the guaranteed minimum. The aggregate payments under these commitments were $16.4 million, $16.8 million and $17.8 million during fiscal 2014, 2013 and 2012, respectively. The aggregate amount of future minimum payments at January 31, 2015 is as follows (in thousands): | ||||
Fiscal Year | ||||
2015 | $ | 18,157 | ||
2016 | 19,214 | |||
2017 | 21,052 | |||
2018 | 21,202 | |||
2019 | 21,352 | |||
Thereafter | 20,352 | |||
Total | $ | 121,329 | ||
Other | ||||
The Company also has other non-cancellable contractual commitments, including corporate aircraft and technology-related commitments extending through 2019. The aggregate payments under these commitments were $8.7 million, $43.9 million and $9.6 million during fiscal 2014, 2013 and 2012, respectively. The aggregate amount of future minimum payments at January 31, 2015 is as follows (in thousands): | ||||
Fiscal Year | ||||
2015 | $ | 8,306 | ||
2016 | 8,815 | |||
2017 | 994 | |||
2018 | 35,000 | |||
2019 | 4,500 | |||
Thereafter | — | |||
Total | $ | 57,615 | ||
The Company is involved in legal proceedings incidental to the normal conduct of its business. Although the outcome of any pending legal proceedings cannot be predicted with certainty, management believes that adequate insurance coverage is maintained and that the ultimate resolution of these matters will not have a material adverse effect on the Company's liquidity, financial position or results of operations. |
Investment_in_JJB_Sports
Investment in JJB Sports | 12 Months Ended |
Jan. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in JJB Sports | Investment in JJB Sports |
On April 27, 2012, the Company invested an aggregate of £20 million in JJB Sports, a retail sports company based in the United Kingdom, consisting of junior secured convertible notes ("Convertible Notes") in the principal amount of £18.75 million and 12.5 million ordinary shares ("Ordinary Shares") of JJB Sports for £1.25 million, for a total cash outlay of $32.0 million. The Company classified its investments in JJB Sports as available-for-sale investments, which were recorded at fair value. As of July 28, 2012, the Company recorded an other-than-temporary impairment charge of $30.4 million on the Convertible Notes and $2.0 million on the Ordinary Shares within the Consolidated Statements of Income, fully impairing the carrying value of its investment as of July 28, 2012. | |
The Company's initial fair value of its investment in the Convertible Notes was determined using a binomial lattice model with Level 2 inputs, including JJB Sports' stock price, the expected stock price volatility, the interest rate on the Convertible Notes, the risk-free interest rate based upon appropriate government yield curves and option-adjusted spreads for comparable securities. Due to the use of discounted expected future cash flows to derive the fair value of the Convertible Notes, the Company reclassified its investment as a Level 3 investment during the fiscal quarter ended July 28, 2012 (see Note 16). | |
During the first quarter of 2013, the Company recorded $4.3 million related to the partial recovery of its previously impaired investment in JJB Sports. The Company has received, and may receive in future periods, additional immaterial recoveries. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820, "Fair Value Measurement and Disclosures", outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures and prioritizes the inputs used in measuring fair value as follows: | ||||||||||||
Level 1: Observable inputs such as quoted prices in active markets; | ||||||||||||
Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||
Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | ||||||||||||
Assets measured at fair value on a recurring basis as of January 31, 2015 and February 1, 2014 are set forth in the table below: | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||
As of January 31, 2015 | ||||||||||||
Assets: | ||||||||||||
Deferred compensation plan assets held in trust (1) | $ | 52,193 | $ | — | $ | — | ||||||
Total assets | $ | 52,193 | $ | — | $ | — | ||||||
As of February 1, 2014 | ||||||||||||
Assets: | ||||||||||||
Deferred compensation plan assets held in trust (1) | $ | 49,351 | $ | — | $ | — | ||||||
Total assets | $ | 49,351 | $ | — | $ | — | ||||||
(1) | Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan (See Note 13). | |||||||||||
The fair value of cash and cash equivalents, accounts receivable, accounts payable and certain other liabilities approximated book value due to the short-term nature of these instruments at both January 31, 2015 and February 1, 2014. | ||||||||||||
The Company uses quoted prices in active markets to determine the fair value of the aforementioned assets determined to be Level 1 instruments. The Company's policy for recognition of transfers between levels of the fair value hierarchy is to recognize any transfer at the end of the fiscal quarter in which the determination to transfer was made. The Company did not transfer any assets or liabilities among the levels of the fair value hierarchy during the fiscal year ended January 31, 2015 and February 1, 2014. Additionally, the Company did not hold any Level 3 financial assets or liabilities as of January 31, 2015 and February 1, 2014. | ||||||||||||
The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs (in thousands): | ||||||||||||
2012 | ||||||||||||
Beginning balance, January 28, 2012 | $ | — | ||||||||||
Transfers in (see Note 15) | 32,370 | |||||||||||
Total realized losses included in net income | (32,370 | ) | ||||||||||
Ending balance, February 2, 2013 | $ | — | ||||||||||
Realized losses are included within impairment of available-for-sale investments on the Consolidated Statements of Income. |
Related_Party_Transaction
Related Party Transaction | 12 Months Ended |
Jan. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | Related Party Transaction |
On July 17, 2013, the Company entered into a purchase agreement (the "Purchase Agreement") with SP Aviation, LLC, an entity 50% owned by its Chairman and Chief Executive Officer. Pursuant to the Purchase Agreement, the Company sold a Gulfstream G200 corporate aircraft to SP Aviation, LLC for $11.0 million, paid in cash, representing the Company's carrying value of the asset at the time of sale. The transaction was approved pursuant to the Company's Related Party Transaction Policy. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) | |||||||||||||||
Summarized quarterly financial information for fiscal 2014 and 2013 is as follows (in thousands, except earnings per share data): | ||||||||||||||||
Fiscal 2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 1,438,908 | $ | 1,688,890 | $ | 1,526,675 | $ | 2,160,006 | ||||||||
Gross profit (1) | 440,883 | 502,556 | 451,972 | 691,256 | ||||||||||||
Income from operations (1) | 112,088 | 111,562 | 79,930 | 250,480 | ||||||||||||
Net income | 69,984 | (2) | 69,467 | (3) | 49,211 | 155,536 | ||||||||||
Earnings per common share: | ||||||||||||||||
Basic (1) | $ | 0.58 | $ | 0.58 | $ | 0.42 | $ | 1.32 | ||||||||
Diluted (1) | $ | 0.57 | $ | 0.57 | $ | 0.41 | $ | 1.3 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 121,138 | 119,950 | 118,142 | 117,745 | ||||||||||||
Diluted | 123,360 | 121,840 | 120,002 | 119,749 | ||||||||||||
Fiscal 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 1,333,701 | $ | 1,531,431 | $ | 1,400,623 | $ | 1,947,418 | ||||||||
Gross profit | 411,654 | 479,330 | 424,899 | 628,067 | ||||||||||||
Income from operations (1) | 97,617 | 137,095 | 79,053 | 223,048 | ||||||||||||
Net income (1) | 64,821 | (4) | 84,163 | (5) | 49,977 | 138,638 | ||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.53 | $ | 0.68 | $ | 0.41 | $ | 1.13 | ||||||||
Diluted (1) | $ | 0.52 | $ | 0.67 | $ | 0.4 | $ | 1.11 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 122,702 | 122,901 | 123,221 | 122,687 | ||||||||||||
Diluted | 125,862 | 125,593 | 125,842 | 125,214 | ||||||||||||
(1) | Quarterly results for fiscal 2014 and 2013 do not add to full year results due to rounding. | |||||||||||||||
(2) | Includes gain on sale of a Gulfstream G650 corporate aircraft of $8.7 million. | |||||||||||||||
(3) | Includes golf restructuring charges of $12.2 million. | |||||||||||||||
(4) | Includes the partial recovery of a previously impaired asset of $4.3 million. | |||||||||||||||
(5) | Includes asset impairment charge of $4.7 million. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event |
On February 18, 2015, our Board of Directors declared a quarterly cash dividend in the amount of $0.1375 per share of common stock and Class B common stock payable on March 31, 2015 to stockholders of record as of the close of business on March 13, 2015. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES | |||||||||||||||
SCHEDULE II | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Balance at Beginning of Period | Charged to Costs and Expenses | Deductions | Balance at End of Period | |||||||||||||
Fiscal 2012 | ||||||||||||||||
Inventory reserve | $ | 15,621 | $ | 5,751 | $ | (3,400 | ) | $ | 17,972 | |||||||
Allowance for doubtful accounts | 2,444 | 4,671 | (4,377 | ) | 2,738 | |||||||||||
Reserve for sales returns | 3,871 | 325,310 | (324,799 | ) | 4,382 | |||||||||||
Allowance for deferred tax assets | — | 7,942 | — | 7,942 | ||||||||||||
Fiscal 2013 | ||||||||||||||||
Inventory reserve | $ | 17,972 | $ | 4,620 | $ | (2,479 | ) | $ | 20,113 | |||||||
Allowance for doubtful accounts | 2,738 | 4,996 | (4,625 | ) | 3,109 | |||||||||||
Reserve for sales returns | 4,382 | 356,444 | (356,420 | ) | 4,406 | |||||||||||
Allowance for deferred tax assets | 7,942 | — | (1,700 | ) | 6,242 | |||||||||||
Fiscal 2014 | ||||||||||||||||
Inventory reserve | $ | 20,113 | $ | 18,634 | $ | (6,450 | ) | $ | 32,297 | |||||||
Allowance for doubtful accounts | 3,109 | 4,712 | (5,137 | ) | 2,684 | |||||||||||
Reserve for sales returns | 4,406 | 408,546 | (407,123 | ) | 5,829 | |||||||||||
Allowance for deferred tax assets | 6,242 | — | (634 | ) | 5,608 | |||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Fiscal Year | Fiscal Year – The Company's fiscal year ends on the Saturday closest to the end of January. Fiscal years 2014, 2013 and 2012 ended on January 31, 2015, February 1, 2014 and February 2, 2013, respectively. All fiscal years presented include 52 weeks of operations except fiscal 2012, which included 53 weeks. | |||||||||||
Principles of Consolidation | Principles of Consolidation – The Consolidated Financial Statements include Dick's Sporting Goods, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||
Reclassifications | Reclassifications – Certain reclassifications have been made to prior year amounts within the Consolidated Statement of Cash Flows to conform to current year presentation. | |||||||||||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||
Cash and Cash Equivalents / Cash Management | Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and all highly liquid instruments purchased with a maturity of three months or less at the date of purchase. Cash equivalents are considered Level 1 investments and totaled $89.0 million and $91.9 million at January 31, 2015 and February 1, 2014, respectively. Interest income from cash equivalents was $0.1 million, $0.2 million and $1.0 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||
Cash Management – The Company's cash management system provides for the reimbursement of all major bank disbursement accounts on a daily basis. Accounts payable at January 31, 2015 and February 1, 2014 include $105.9 million and $135.2 million, respectively, of checks drawn in excess of cash balances not yet presented for payment. | ||||||||||||
Accounts Receivable | Accounts Receivable – Accounts receivable consist principally of amounts receivable from vendors and landlords. The | |||||||||||
allowance for doubtful accounts totaled $2.7 million and $3.1 million as of January 31, 2015 and February 1, 2014, respectively. | ||||||||||||
Inventories | Inventories – Inventories are stated at the lower of weighted average cost or market. Inventory costs consist of the direct cost of merchandise including freight. Inventories are net of shrinkage, obsolescence, other valuation accounts and vendor allowances totaling $100.2 million and $82.6 million at January 31, 2015 and February 1, 2014, respectively. | |||||||||||
Property and Equipment | Property and Equipment – Property and equipment are recorded at cost and include capitalized leases. For financial reporting purposes, depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | |||||||||||
Buildings | 40 years | |||||||||||
Leasehold improvements | 10-25 years | |||||||||||
Furniture, fixtures and equipment | 3-7 years | |||||||||||
For leasehold improvements and property and equipment under capital lease agreements, depreciation and amortization are calculated using the straight-line method over the shorter of the estimated useful lives of the assets or the lease term. Leasehold improvements made significantly after the initial lease term are depreciated over the shorter of their estimated useful lives or the remaining lease term, including renewal periods, if reasonably assured. Depreciation expense was $159.1 million, $151.5 million and $123.3 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Renewals and betterments are capitalized and repairs and maintenance are expensed as incurred. | ||||||||||||
Impairment of Long-Lived Assets and Closed Store Reserves | Impairment of Long-Lived Assets and Closed Store Reserves – The Company evaluates its long-lived assets to assess whether the carrying values have been impaired whenever events and circumstances indicate that the carrying value of these assets may not be recoverable based on estimated undiscounted future cash flows. An impairment loss is recognized when the estimated undiscounted cash flows expected to result from the use of the asset plus eventual net proceeds expected from disposition of the asset (if any) are less than the carrying value of the asset. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value as determined based on quoted market prices or through the use of other valuation techniques. | |||||||||||
The Company recognizes a liability for costs associated with closed or relocated premises when the Company ceases to use the location. The calculation of accrued lease termination and other costs primarily includes future minimum lease payments, maintenance costs and taxes from the date of closure or relocation to the end of the remaining lease term, net of contractual or estimated sublease income. The liability is discounted using a credit-adjusted risk-free rate of interest. The assumptions used in the calculation of the accrued lease termination and other costs are evaluated on a quarterly basis. | ||||||||||||
Goodwill | Goodwill – Goodwill represents the excess of acquisition cost over the fair value of the net assets of acquired entities. The Company assesses the carrying value of goodwill annually or whenever circumstances indicate that a decline in value may have occurred. | |||||||||||
The goodwill impairment test is a two-step impairment test. In the first step, the Company compares the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using a combination of a discounted cash flow and a market value approach. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and the Company is not required to perform further testing. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, then the Company must perform the second step in order to determine the implied fair value of the reporting unit's goodwill and compare it to the carrying value of the reporting unit's goodwill. If the carrying value of goodwill exceeds the implied estimated fair value, an impairment charge to current operations is recorded to reduce the carrying value to the implied estimated fair value. A reporting unit is the operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by management. | ||||||||||||
Intangible Assets | Intangible Assets – Intangible assets consist primarily of trademarks and acquired trade names with indefinite lives, which are tested for impairment annually or whenever circumstances indicate that a decline in value may have occurred. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method. The Company's finite-lived intangible assets consist primarily of favorable lease assets and other acquisition related assets. Finite-lived intangible assets are amortized over their estimated useful economic lives and are reviewed for impairment when factors indicate that an impairment may have occurred. The Company recognizes an impairment charge when the estimated fair value of the intangible asset is less than the carrying value. | |||||||||||
Self-Insurance | Self-Insurance – The Company is self-insured for certain losses related to health, workers' compensation and general liability insurance, although we maintain stop-loss coverage with third-party insurers to limit our liability exposure. Liabilities associated with these losses are estimated in part by considering historical claims experience, industry factors, severity factors and other actuarial assumptions. | |||||||||||
Pre-opening Expenses | Pre-opening Expenses – Pre-opening expenses, which consist primarily of rent, marketing, payroll and recruiting costs, are expensed as incurred. | |||||||||||
Earnings Per Common Share | Earnings Per Common Share – Basic earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed based on the weighted average number of shares of common stock, plus the effect of dilutive potential common shares outstanding during the period, using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock and warrants. | |||||||||||
Stock-Based Compensation | Stock-Based Compensation – The Company has the ability to grant restricted shares of common stock, restricted stock units and stock options to purchase common stock under the Dick's Sporting Goods, Inc. 2012 Stock and Incentive Plan. The Company records stock-based compensation expenses based on the fair value of stock awards at the grant date and recognizes the expense over the related service period. | |||||||||||
Income Taxes | Income Taxes – The Company utilizes the asset and liability method of accounting for income taxes and provides deferred income taxes for temporary differences between the amounts reported for assets and liabilities for financial statement purposes and for income tax reporting purposes, using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Consolidated Financial Statements from such a position are measured based on the largest benefit that will more likely than not be realized upon ultimate settlement. Interest and penalties related to income tax matters are recognized in income tax expense. | |||||||||||
Revenue Recognition | Revenue Recognition – Revenue from retail sales is recognized at the point of sale, net of sales tax. Revenue from eCommerce sales is recognized upon shipment of merchandise. Service-related revenue is recognized as the services are performed. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded. Revenue from gift cards and returned merchandise credits (collectively the "cards") are deferred and recognized upon the redemption of the cards. These cards have no expiration date. Income from unredeemed cards is recognized on the Consolidated Statements of Income within selling, general and administrative expenses at the point at which redemption becomes remote. The Company performs an evaluation of the aging of the unredeemed cards, based on the elapsed time from the date of original issuance, to determine when redemption becomes remote. | |||||||||||
Cost of Goods Sold | Cost of Goods Sold – Cost of goods sold includes the cost of merchandise, vendor allowances, inventory shrinkage and obsolescence, freight, distribution, shipping and store occupancy costs. Store occupancy costs include rent, common area maintenance charges, real estate and other asset-based taxes, general maintenance, utilities, depreciation, fixture lease expenses and certain insurance expenses. | |||||||||||
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses – Selling, general and administrative expenses include store and field support payroll and fringe benefits, advertising, bank card charges, information systems, marketing, legal, accounting, other store expenses and all expenses associated with operating the Company's corporate headquarters. | |||||||||||
Advertising Costs | Advertising Costs – Production costs of advertising and the costs to run the advertisements are expensed the first time the advertisement takes place. Advertising expense, net of cooperative advertising, was $248.7 million, $223.9 million and $201.0 million for fiscal 2014, 2013 and 2012, respectively. | |||||||||||
Vendor Allowances | Vendor Allowances – Vendor allowances include allowances, rebates and cooperative advertising funds received from vendors. These funds are determined for each fiscal year and the majority are based on various quantitative contract terms. Amounts expected to be received from vendors relating to the purchase of merchandise inventories are recognized as a reduction of cost of goods sold as the merchandise is sold. Amounts that represent a reimbursement of costs incurred, such as advertising, are recorded as a reduction to the related expense in the period that the related expense is incurred. The Company records an estimate of earned allowances based on the latest projected purchase volumes and advertising forecasts. On an annual basis at the end of the fiscal year, the Company confirms earned allowances with vendors to determine that the amounts are recorded in accordance with the terms of the contract. | |||||||||||
Segment Information | Segment Information – The Company is a specialty omni-channel retailer that offers a broad range of products in its specialty retail stores primarily in the eastern United States. Given the economic characteristics of the store formats, the similar nature of the products sold, the type of customer and method of distribution, the Company's operating segments are aggregated within one reportable segment. The following table sets forth the approximate amount of net sales attributable to hardlines, apparel and footwear for the periods presented (in millions): | |||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hardlines | $ | 2,992 | $ | 2,763 | $ | 2,755 | ||||||
Apparel | 2,461 | 2,184 | 1,929 | |||||||||
Footwear | 1,316 | 1,222 | 1,115 | |||||||||
Other | 45 | 44 | 37 | |||||||||
Total net sales | $ | 6,814 | $ | 6,213 | $ | 5,836 | ||||||
Construction Allowances | Construction Allowances – All of the Company's store locations are leased. The Company may receive reimbursement from a landlord for some of the cost of the structure, subject to satisfactory fulfillment of applicable lease provisions. These reimbursements may be referred to as tenant allowances, construction allowances or landlord reimbursements ("construction allowances"). | |||||||||||
The Company's accounting for construction allowances differs if the Company is deemed to be the owner of the asset during the construction period. Some of the Company's leases have a cap on the construction allowance, which places the Company at risk for cost overruns and causes the Company to be deemed the owner during the construction period. In cases where the Company is deemed to be the owner during the construction period, a sale and leaseback of the asset occurs when construction of the asset is complete and the lease term begins, if relevant sale-leaseback accounting criteria are met. Any gain or loss from the transaction is included within deferred revenue and other liabilities on the Consolidated Balance Sheets and deferred and amortized as rent expense on a straight-line basis over the term of the lease. The Company reports the amount of cash received for the construction allowance as construction allowance receipts within the financing activities section of its Consolidated Statements of Cash Flows when such allowances are received prior to completion of the sale-leaseback transaction. The Company reports the amount of cash received from construction allowances as proceeds from sale leaseback transactions within the investing activities section of its Consolidated Statements of Cash Flows when such amounts are received after the sale-leaseback accounting criteria have been achieved. | ||||||||||||
In instances where the Company is not deemed to be the owner during the construction period, reimbursement from a landlord for tenant improvements is classified as an incentive and included within deferred revenue and other liabilities on the Consolidated Balance Sheets. The deferred rent credit is amortized as rent expense on a straight-line basis over the term of the lease. Landlord reimbursements from these transactions are included in cash flows from operating activities as a change in deferred construction allowances. | ||||||||||||
Leases | Leases – Escalating rent payments, rent abatements and rent holidays are considered in the calculation of minimum lease payments in the Company's capital lease tests and in determining straight-line rent expense for operating leases. The Company records any difference between the straight-line rent amount and amounts payable under the lease as part of deferred rent within long-term deferred revenue and other liabilities on the Consolidated Balance Sheets. | |||||||||||
Contingent payments based upon sales and future increases determined by inflation related indices cannot be estimated at the inception of the lease and accordingly, are charged to operations as incurred. The Company records contingent rent within accrued expenses on the Consolidated Balance Sheets. | ||||||||||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Schedule of estimated useful lives | For financial reporting purposes, depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | |||||||||||
Buildings | 40 years | |||||||||||
Leasehold improvements | 10-25 years | |||||||||||
Furniture, fixtures and equipment | 3-7 years | |||||||||||
Schedule of net sales attributable to hardlines, apparel and footwear | The following table sets forth the approximate amount of net sales attributable to hardlines, apparel and footwear for the periods presented (in millions): | |||||||||||
Fiscal Year | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hardlines | $ | 2,992 | $ | 2,763 | $ | 2,755 | ||||||
Apparel | 2,461 | 2,184 | 1,929 | |||||||||
Footwear | 1,316 | 1,222 | 1,115 | |||||||||
Other | 45 | 44 | 37 | |||||||||
Total net sales | $ | 6,814 | $ | 6,213 | $ | 5,836 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||
Schedule of components of intangible assets | The components of intangible assets were as follows (in thousands): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||||
Trademarks (indefinite-lived) | $ | 87,081 | $ | — | $ | 68,730 | $ | — | ||||||||
Trade name (indefinite-lived) | 11,400 | — | 15,900 | — | ||||||||||||
Customer list | 1,200 | (1,200 | ) | 1,200 | (1,200 | ) | ||||||||||
Favorable leases and other finite-lived intangible assets | 16,205 | (9,882 | ) | 16,454 | (7,674 | ) | ||||||||||
Other indefinite-lived intangible assets | 5,358 | — | 4,845 | — | ||||||||||||
Total intangible assets | $ | 121,244 | $ | (11,082 | ) | $ | 107,129 | $ | (8,874 | ) | ||||||
Schedule of annual estimated amortization expense of finite-lived intangible assets | The annual estimated amortization expense of the finite-lived intangible assets recorded as of January 31, 2015 is expected to be as follows (in thousands): | |||||||||||||||
Fiscal Year | Estimated Amortization Expense | |||||||||||||||
2015 | $ | 1,553 | ||||||||||||||
2016 | 1,498 | |||||||||||||||
2017 | 1,273 | |||||||||||||||
2018 | 1,055 | |||||||||||||||
2019 | 554 | |||||||||||||||
Thereafter | 390 | |||||||||||||||
Total | $ | 6,323 | ||||||||||||||
Store_Closings_Tables
Store Closings (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Store Closings [Abstract] | ||||||||
Schedule of the entity's accrued store closing and relocation reserves | The following table summarizes the activity of the Company's store closing reserves (in thousands): | |||||||
2014 | 2013 | |||||||
Accrued store closing and relocation reserves, beginning of period | $ | 17,102 | $ | 31,785 | ||||
Expense charged to earnings | 2,149 | — | ||||||
Cash payments | (6,381 | ) | (12,516 | ) | ||||
Interest accretion and other changes in assumptions | (85 | ) | (2,167 | ) | ||||
Accrued store closing and relocation reserves, end of period | 12,785 | 17,102 | ||||||
Less: current portion of accrued store closing and relocation reserves | (4,208 | ) | (5,949 | ) | ||||
Long-term portion of accrued store closing and relocation reserves | $ | 8,577 | $ | 11,153 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of the components of property and equipment | Property and equipment are recorded at cost and consist of the following as of the end of the fiscal periods (in thousands): | |||||||
2014 | 2013 | |||||||
Buildings and land | $ | 220,852 | $ | 220,295 | ||||
Leasehold improvements | 1,069,868 | 895,798 | ||||||
Furniture, fixtures and equipment | 1,048,887 | 943,532 | ||||||
Total property and equipment | 2,339,607 | 2,059,625 | ||||||
Less: accumulated depreciation and amortization | (1,136,225 | ) | (975,096 | ) | ||||
Net property and equipment | $ | 1,203,382 | $ | 1,084,529 | ||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Accrued Liabilities, Current [Abstract] | ||||||||
Schedule of accrued expenses | Accrued expenses consist of the following as of the end of the fiscal periods (in thousands): | |||||||
2014 | 2013 | |||||||
Accrued payroll, withholdings and benefits | $ | 98,327 | $ | 99,619 | ||||
Accrued real estate taxes, utilities and other occupancy | 54,200 | 60,178 | ||||||
Accrued property and equipment | 43,666 | 41,036 | ||||||
Accrued sales tax | 26,153 | 21,800 | ||||||
Other accrued expenses | 61,482 | 42,407 | ||||||
Total accrued expenses | $ | 283,828 | $ | 265,040 | ||||
Deferred_Revenue_and_Other_Lia1
Deferred Revenue and Other Liabilities (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Deferred Credits and Other Liabilities [Abstract] | ||||||||
Schedule of deferred revenue and other liabilities | Deferred revenue and other liabilities consist of the following as of the end of the fiscal periods (in thousands): | |||||||
2014 | 2013 | |||||||
Current: | ||||||||
Deferred gift card revenue | $ | 151,791 | $ | 138,513 | ||||
Deferred construction allowances | 1,686 | 1,439 | ||||||
Other | 18,782 | 14,432 | ||||||
Total current | $ | 172,259 | $ | 154,384 | ||||
Long-term: | ||||||||
Deferred rent, including pre-opening rent | $ | 80,130 | $ | 70,713 | ||||
Deferred construction allowances | 278,391 | 181,148 | ||||||
Other | 76,212 | 79,767 | ||||||
Total long-term | $ | 434,733 | $ | 331,628 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of outstanding debt | The Company's outstanding debt consists of the following as of the end of the fiscal periods (in thousands): | |||||||
2014 | 2013 | |||||||
Revolving line of credit | $ | — | $ | — | ||||
Capital leases | 5,994 | 6,818 | ||||||
Other debt | 456 | 557 | ||||||
Total debt | 6,450 | 7,375 | ||||||
Less: current portion | (537 | ) | (899 | ) | ||||
Total long-term debt | $ | 5,913 | $ | 6,476 | ||||
Schedule of lease payments under capital lease obligations | Scheduled lease payments under capital lease obligations as of January 31, 2015 are as follows (in thousands): | |||||||
Fiscal Year | ||||||||
2015 | $ | 1,024 | ||||||
2016 | 1,024 | |||||||
2017 | 1,024 | |||||||
2018 | 1,044 | |||||||
2019 | 1,103 | |||||||
Thereafter | 3,988 | |||||||
Subtotal | 9,207 | |||||||
Less: amounts representing interest | (3,213 | ) | ||||||
Present value of net scheduled lease payments | 5,994 | |||||||
Less: amounts due in one year | (429 | ) | ||||||
Total long-term capital leases | $ | 5,565 | ||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Leases, Operating [Abstract] | ||||
Schedule of lease payments due under non-cancellable operating leases | Scheduled lease payments due under non-cancellable operating leases as of January 31, 2015 are as follows (in thousands): | |||
Fiscal Year | ||||
2015 | $ | 505,519 | ||
2016 | 511,223 | |||
2017 | 470,053 | |||
2018 | 416,897 | |||
2019 | 363,854 | |||
Thereafter | 1,236,347 | |||
Total | $ | 3,503,893 | ||
StockBased_Compensation_and_Em1
Stock-Based Compensation and Employee Stock Plans (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of stock-based compensation | The following represents total stock-based compensation recognized in the Consolidated Statements of Income for the fiscal years presented (in thousands): | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Stock option expense | $ | 7,903 | $ | 8,263 | $ | 10,215 | |||||||||||
Restricted stock expense | 18,372 | 18,856 | 21,966 | ||||||||||||||
Total stock-based compensation expense | $ | 26,275 | $ | 27,119 | $ | 32,181 | |||||||||||
Total related tax benefit | $ | 9,200 | $ | 9,230 | $ | 11,561 | |||||||||||
Schedule of assumptions used to estimate the fair value of stock-based awards to employees | The fair value of stock-based awards to employees is estimated on the date of grant using the Black-Scholes valuation with the following assumptions: | ||||||||||||||||
Employee Stock Option Plans | |||||||||||||||||
Black-Scholes Valuation Assumptions | 2014 | 2013 | 2012 | ||||||||||||||
Expected life (years) (1) | 5.23 | 5.33 | 5.7 | ||||||||||||||
Expected volatility (2) | 31.97% - 44.48% | 36.10% - 47.86% | 44.52% - 49.38% | ||||||||||||||
Weighted average volatility | 36.28 | % | 46.71 | % | 47.25 | % | |||||||||||
Risk-free interest rate (3) | 1.44% - 2.39% | 0.73% - 1.73% | 0.59% - 1.57% | ||||||||||||||
Expected dividend yield | 0.90% - 1.13% | 0.98% - 1.04% | 0.98% - 1.25% | ||||||||||||||
Weighted average grant date fair value | $ | 17.31 | $ | 18.31 | $ | 19.24 | |||||||||||
(1) | The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. | ||||||||||||||||
(2) | Expected volatility is based on the historical volatility of the Company's common stock over a timeframe consistent with the expected life of the stock options. | ||||||||||||||||
(3) | The risk-free interest rate is based on the implied yield available on U.S. Treasury constant maturity interest rates whose term is consistent with the expected life of the stock options. | ||||||||||||||||
Schedule of stock option activity | The stock option activity from January 28, 2012 through January 31, 2015 is presented in the following table: | ||||||||||||||||
Shares Subject to Options | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||
Outstanding, January 28, 2012 | 11,658,089 | $ | 18.6 | 3.45 | $ | 262,995 | |||||||||||
Granted | 581,665 | 48.35 | |||||||||||||||
Exercised | (5,431,053 | ) | 14.38 | ||||||||||||||
Forfeited / Expired | (99,977 | ) | 25.48 | ||||||||||||||
Outstanding, February 2, 2013 | 6,708,724 | $ | 24.5 | 3.6 | $ | 157,380 | |||||||||||
Granted | 682,344 | 47.31 | |||||||||||||||
Exercised | (2,154,201 | ) | 20.18 | ||||||||||||||
Forfeited / Expired | (282,820 | ) | 41.57 | ||||||||||||||
Outstanding, February 1, 2014 | 4,954,047 | $ | 28.55 | 3.19 | $ | 118,784 | |||||||||||
Granted | 559,722 | 53.78 | |||||||||||||||
Exercised | (1,175,540 | ) | 22.22 | ||||||||||||||
Forfeited / Expired | (256,931 | ) | 44.42 | ||||||||||||||
Outstanding, January 31, 2015 | 4,081,298 | $ | 32.83 | 3 | $ | 78,432 | |||||||||||
Exercisable, January 31, 2015 | 2,874,454 | $ | 25.84 | 2.05 | $ | 74,210 | |||||||||||
Vested and expected to vest, January 31, 2015 | 3,962,463 | $ | 32.27 | 2.92 | $ | 78,172 | |||||||||||
Schedule of nonvested stock option activity | The nonvested stock option activity for the year ended January 31, 2015 is presented in the following table: | ||||||||||||||||
Shares Subject to Options | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested, February 1, 2014 | 1,336,590 | $ | 17.9 | ||||||||||||||
Granted | 559,722 | 17.31 | |||||||||||||||
Vested | (484,356 | ) | 17.02 | ||||||||||||||
Forfeited | (205,112 | ) | 17.17 | ||||||||||||||
Nonvested, January 31, 2015 | 1,206,844 | $ | 18.1 | ||||||||||||||
Schedule of stock options outstanding and exercisable by range of exercise prices | Additional information regarding options outstanding as of January 31, 2015 is as follows: | ||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Range of | Shares | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | ||||||||||||
Exercise Prices | |||||||||||||||||
$12.44 - $18.95 | 1,170,980 | 1.1 | $ | 15.57 | 1,170,980 | $ | 15.57 | ||||||||||
$19.71 - $28.23 | 1,140,891 | 2.09 | 27.3 | 1,140,891 | 27.3 | ||||||||||||
$33.13 - $48.60 | 1,202,870 | 4.31 | 44.83 | 532,285 | 43.89 | ||||||||||||
$49.26 - $57.59 | 566,557 | 5.96 | 54.16 | 30,298 | 51.36 | ||||||||||||
$12.44 - $57.59 | 4,081,298 | 3 | $ | 32.83 | 2,874,454 | $ | 25.84 | ||||||||||
Schedule of nonvested restricted stock activity | The restricted stock activity from January 28, 2012 through January 31, 2015 is presented in the following table: | ||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||||||
Nonvested, January 28, 2012 | 2,090,433 | $ | 28.16 | ||||||||||||||
Granted | 542,221 | 48.55 | |||||||||||||||
Vested | (381,278 | ) | 15.09 | ||||||||||||||
Forfeited | (159,281 | ) | 32.76 | ||||||||||||||
Nonvested, February 2, 2013 | 2,092,095 | $ | 35.48 | ||||||||||||||
Granted | 1,806,949 | 46.85 | |||||||||||||||
Vested | (913,769 | ) | 27.46 | ||||||||||||||
Forfeited | (553,621 | ) | 39.93 | ||||||||||||||
Nonvested, February 1, 2014 | 2,431,654 | $ | 45.93 | ||||||||||||||
Granted | 593,841 | 53.36 | |||||||||||||||
Vested | (433,249 | ) | 39.99 | ||||||||||||||
Forfeited | (406,127 | ) | 48.4 | ||||||||||||||
Nonvested, January 31, 2015 | 2,186,119 | $ | 48.67 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of components of the provision for income taxes | The components of the provision for income taxes are as follows for the fiscal periods ended (in thousands): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 187,735 | $ | 156,177 | $ | 174,049 | ||||||
State | 30,340 | 27,769 | 27,429 | |||||||||
218,075 | 183,946 | 201,478 | ||||||||||
Deferred: | ||||||||||||
Federal | (5,740 | ) | 23,499 | (1,734 | ) | |||||||
State | (519 | ) | 1,064 | (628 | ) | |||||||
(6,259 | ) | 24,563 | (2,362 | ) | ||||||||
Total provision | $ | 211,816 | $ | 208,509 | $ | 199,116 | ||||||
Reconciliation of the federal statutory income tax rate to the effective income tax rate | The provision for income taxes differs from the amounts computed by applying the federal statutory rate as follows for the following periods: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State tax, net of federal benefit | 3.1 | % | 3.5 | % | 3.6 | % | ||||||
Valuation allowance | — | % | (0.4 | )% | 1.6 | % | ||||||
Other permanent items | — | % | 0.1 | % | 0.5 | % | ||||||
Effective income tax rate | 38.1 | % | 38.2 | % | 40.7 | % | ||||||
Schedule of the components of deferred tax assets (liabilities) | Components of deferred tax assets (liabilities) consist of the following as of the fiscal periods ended (in thousands): | |||||||||||
2014 | 2013 | |||||||||||
Inventory | $ | 42,163 | $ | 35,531 | ||||||||
Store closing expense | 4,984 | 6,674 | ||||||||||
Stock-based compensation | 25,913 | 26,692 | ||||||||||
Capital loss carryforward | 5,608 | 6,242 | ||||||||||
Employee benefits | 34,167 | 33,156 | ||||||||||
Other accrued expenses not currently deductible for tax purposes | 5,520 | 4,631 | ||||||||||
Deferred rent | 31,234 | 27,609 | ||||||||||
Insurance | 2,432 | 2,352 | ||||||||||
Gift cards | 13,691 | 11,531 | ||||||||||
Deferred revenue currently taxable | 4,837 | 4,404 | ||||||||||
Non income-based tax reserves | 8,174 | 7,098 | ||||||||||
Uncertain income tax positions | 3,524 | 3,112 | ||||||||||
Valuation allowance | (5,608 | ) | (6,242 | ) | ||||||||
Other | 77 | — | ||||||||||
Total deferred tax assets | 176,716 | 162,790 | ||||||||||
Property and equipment | (134,057 | ) | (118,854 | ) | ||||||||
Inventory | (27,386 | ) | (30,342 | ) | ||||||||
Intangibles | (6,319 | ) | (10,875 | ) | ||||||||
Other | — | (24 | ) | |||||||||
Total deferred tax liabilities | (167,762 | ) | (160,095 | ) | ||||||||
Net deferred tax asset | $ | 8,954 | $ | 2,695 | ||||||||
Schedule of reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties | The following table represents a reconciliation of the Company's total balance of unrecognized tax benefits, excluding interest and penalties (in thousands): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning of fiscal year | $ | 7,507 | $ | 10,670 | $ | 18,692 | ||||||
Increases as a result of tax positions taken in a prior period | 124 | 1,651 | 1,816 | |||||||||
Decreases as a result of tax positions taken in a prior period | — | (2,240 | ) | (4,370 | ) | |||||||
Increases as a result of tax positions taken in the current period | 1,057 | 985 | 1,740 | |||||||||
Decreases as a result of settlements during the current period | (312 | ) | (3,559 | ) | (6,405 | ) | ||||||
Reductions as a result of a lapse of statute of limitations during the current period | — | — | (803 | ) | ||||||||
End of fiscal year | $ | 8,376 | $ | 7,507 | $ | 10,670 | ||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of the computations for basic and diluted earnings per common share | The computations for basic and diluted earnings per common share are as follows (in thousands, except per share data): | |||||||||||
Fiscal Year Ended | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Earnings per common share - Basic: | ||||||||||||
Net income | $ | 344,198 | $ | 337,598 | $ | 290,709 | ||||||
Weighted average common shares outstanding - basic | 119,244 | 122,878 | 121,629 | |||||||||
Earnings per common share | $ | 2.89 | $ | 2.75 | $ | 2.39 | ||||||
Earnings per common share - Diluted: | ||||||||||||
Net income | $ | 344,198 | $ | 337,598 | $ | 290,709 | ||||||
Weighted average common shares outstanding - basic | 119,244 | 122,878 | 121,629 | |||||||||
Dilutive effect of stock-based awards | 1,994 | 2,750 | 4,366 | |||||||||
Weighted average common shares outstanding - diluted | 121,238 | 125,628 | 125,995 | |||||||||
Earnings per common share | $ | 2.84 | $ | 2.69 | $ | 2.31 | ||||||
Anti-dilutive stock-based awards excluded from diluted calculation | 1,334 | 899 | 768 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Jan. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Schedule of future minimum payments for marketing and naming rights commitments | The aggregate amount of future minimum payments at January 31, 2015 is as follows (in thousands): | |||
Fiscal Year | ||||
2015 | $ | 37,534 | ||
2016 | 34,549 | |||
2017 | 3,090 | |||
2018 | 3,176 | |||
2019 | 3,266 | |||
Thereafter | 20,409 | |||
Total | $ | 102,024 | ||
Schedule of future minimum payments for trademark licensing commitments | The aggregate amount of future minimum payments at January 31, 2015 is as follows (in thousands): | |||
Fiscal Year | ||||
2015 | $ | 18,157 | ||
2016 | 19,214 | |||
2017 | 21,052 | |||
2018 | 21,202 | |||
2019 | 21,352 | |||
Thereafter | 20,352 | |||
Total | $ | 121,329 | ||
Schedule of future minimum payments for other contractual commitments | The aggregate amount of future minimum payments at January 31, 2015 is as follows (in thousands): | |||
Fiscal Year | ||||
2015 | $ | 8,306 | ||
2016 | 8,815 | |||
2017 | 994 | |||
2018 | 35,000 | |||
2019 | 4,500 | |||
Thereafter | — | |||
Total | $ | 57,615 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Jan. 31, 2015 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Schedule of assets measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis as of January 31, 2015 and February 1, 2014 are set forth in the table below: | |||||||||||
Description | Level 1 | Level 2 | Level 3 | |||||||||
As of January 31, 2015 | ||||||||||||
Assets: | ||||||||||||
Deferred compensation plan assets held in trust (1) | $ | 52,193 | $ | — | $ | — | ||||||
Total assets | $ | 52,193 | $ | — | $ | — | ||||||
As of February 1, 2014 | ||||||||||||
Assets: | ||||||||||||
Deferred compensation plan assets held in trust (1) | $ | 49,351 | $ | — | $ | — | ||||||
Total assets | $ | 49,351 | $ | — | $ | — | ||||||
(1) | Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan (See Note 13). | |||||||||||
Schedule of the reconciliation of assets measured at fair value on a recurring basis using Level 3 inputs | The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs (in thousands): | |||||||||||
2012 | ||||||||||||
Beginning balance, January 28, 2012 | $ | — | ||||||||||
Transfers in (see Note 15) | 32,370 | |||||||||||
Total realized losses included in net income | (32,370 | ) | ||||||||||
Ending balance, February 2, 2013 | $ | — | ||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Summary of quarterly financial information | Summarized quarterly financial information for fiscal 2014 and 2013 is as follows (in thousands, except earnings per share data): | |||||||||||||||
Fiscal 2014 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 1,438,908 | $ | 1,688,890 | $ | 1,526,675 | $ | 2,160,006 | ||||||||
Gross profit (1) | 440,883 | 502,556 | 451,972 | 691,256 | ||||||||||||
Income from operations (1) | 112,088 | 111,562 | 79,930 | 250,480 | ||||||||||||
Net income | 69,984 | (2) | 69,467 | (3) | 49,211 | 155,536 | ||||||||||
Earnings per common share: | ||||||||||||||||
Basic (1) | $ | 0.58 | $ | 0.58 | $ | 0.42 | $ | 1.32 | ||||||||
Diluted (1) | $ | 0.57 | $ | 0.57 | $ | 0.41 | $ | 1.3 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 121,138 | 119,950 | 118,142 | 117,745 | ||||||||||||
Diluted | 123,360 | 121,840 | 120,002 | 119,749 | ||||||||||||
Fiscal 2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 1,333,701 | $ | 1,531,431 | $ | 1,400,623 | $ | 1,947,418 | ||||||||
Gross profit | 411,654 | 479,330 | 424,899 | 628,067 | ||||||||||||
Income from operations (1) | 97,617 | 137,095 | 79,053 | 223,048 | ||||||||||||
Net income (1) | 64,821 | (4) | 84,163 | (5) | 49,977 | 138,638 | ||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.53 | $ | 0.68 | $ | 0.41 | $ | 1.13 | ||||||||
Diluted (1) | $ | 0.52 | $ | 0.67 | $ | 0.4 | $ | 1.11 | ||||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 122,702 | 122,901 | 123,221 | 122,687 | ||||||||||||
Diluted | 125,862 | 125,593 | 125,842 | 125,214 | ||||||||||||
(1) | Quarterly results for fiscal 2014 and 2013 do not add to full year results due to rounding. | |||||||||||||||
(2) | Includes gain on sale of a Gulfstream G650 corporate aircraft of $8.7 million. | |||||||||||||||
(3) | Includes golf restructuring charges of $12.2 million. | |||||||||||||||
(4) | Includes the partial recovery of a previously impaired asset of $4.3 million. | |||||||||||||||
(5) | Includes asset impairment charge of $4.7 million. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Fiscal Year | |||
Number of weeks in fiscal period | 52 weeks | 52 weeks | 53 weeks |
Cash and Cash Equivalents / Cash Management | |||
Cash equivalents | $89 | $91.90 | |
Interest income from cash equivalents | 0.1 | 0.2 | 1 |
Checks drawn in excess of cash balances not yet presented for payment | 105.9 | 135.2 | |
Accounts Receivable | |||
Allowance for doubtful accounts | 2.7 | 3.1 | |
Inventories | |||
Inventory valuation and vendor allowances | 100.2 | 82.6 | |
Advertising Costs | |||
Advertising expense net of cooperative advertising | $248.70 | $223.90 | $201 |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Property and Equipment | |||
Depreciation expense | $159.10 | $151.50 | $123.30 |
Buildings | |||
Property and Equipment | |||
Estimated useful life | 40 years | ||
Leasehold improvements | Maximum | |||
Property and Equipment | |||
Estimated useful life | 25 years | ||
Leasehold improvements | Minimum | |||
Property and Equipment | |||
Estimated useful life | 10 years | ||
Furniture, fixtures and equipment | Maximum | |||
Property and Equipment | |||
Estimated useful life | 7 years | ||
Furniture, fixtures and equipment | Minimum | |||
Property and Equipment | |||
Estimated useful life | 3 years |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
ReportableSegment | ReportableSegment | ReportableSegment | |||||||||
Operating Segment Information | |||||||||||
Total net sales | $2,160,006 | $1,526,675 | $1,688,890 | $1,438,908 | $1,947,418 | $1,400,623 | $1,531,431 | $1,333,701 | $6,814,479 | $6,213,173 | $5,836,119 |
Operating Segment Information | |||||||||||
Number of reportable segments | 1 | 1 | 1 | ||||||||
Hardlines | |||||||||||
Operating Segment Information | |||||||||||
Total net sales | 2,992,000 | 2,763,000 | 2,755,000 | ||||||||
Apparel | |||||||||||
Operating Segment Information | |||||||||||
Total net sales | 2,461,000 | 2,184,000 | 1,929,000 | ||||||||
Footwear | |||||||||||
Operating Segment Information | |||||||||||
Total net sales | 1,316,000 | 1,222,000 | 1,115,000 | ||||||||
Other | |||||||||||
Operating Segment Information | |||||||||||
Total net sales | $45,000 | $44,000 | $37,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Oct. 01, 2014 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $200,594,000 | $200,594,000 | ||
Accumulated impairment charges | 111,300,000 | 111,300,000 | ||
Change in carrying value of goodwill | 0 | 0 | ||
Goodwill impairment charges | 0 | 0 | 0 | |
Impairment charges on intangible assets | 12,400,000 | 0 | 0 | |
Intellectual property rights | 26,300,000 | |||
Components of intangible assets | ||||
Indefinite-lived intangible assets | 103,800,000 | 89,500,000 | ||
Finite-lived intangible assets | 6,323,000 | 8,800,000 | ||
Total intangible assets | 121,244,000 | 107,129,000 | ||
Accumulated amortization | -11,082,000 | -8,874,000 | ||
Trademarks | ||||
Components of intangible assets | ||||
Indefinite-lived intangible assets | 87,081,000 | 68,730,000 | ||
Trade name | ||||
Components of intangible assets | ||||
Indefinite-lived intangible assets | 11,400,000 | 15,900,000 | ||
Customer list | ||||
Components of intangible assets | ||||
Gross amount - Finite-lived intangible assets | 1,200,000 | 1,200,000 | ||
Accumulated amortization | -1,200,000 | -1,200,000 | ||
Favorable leases and other finite-lived intangible assets | ||||
Components of intangible assets | ||||
Gross amount - Finite-lived intangible assets | 16,205,000 | 16,454,000 | ||
Accumulated amortization | -9,882,000 | -7,674,000 | ||
Other indefinite-lived intangible assets | ||||
Components of intangible assets | ||||
Indefinite-lived intangible assets | $5,358,000 | $4,845,000 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Amortization Expense (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of finite-lived intangible assets | $2,500,000 | $2,300,000 | $2,000,000 |
Estimated Amortization Expense | |||
2015 | 1,553,000 | ||
2016 | 1,498,000 | ||
2017 | 1,273,000 | ||
2018 | 1,055,000 | ||
2019 | 554,000 | ||
Thereafter | 390,000 | ||
Total | $6,323,000 | $8,800,000 |
Store_Closings_Details
Store Closings (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 |
Store Closings | ||
Accrued store closing and relocation reserves, beginning of period | $17,102 | $31,785 |
Expense charged to earnings | 2,149 | 0 |
Cash payments | -6,381 | -12,516 |
Interest accretion and other changes in assumptions | -85 | -2,167 |
Accrued store closing and relocation reserves, end of period | 12,785 | 17,102 |
Less: current portion of accrued store closing and relocation reserves | -4,208 | -5,949 |
Long-term portion of accrued store closing and relocation reserves | $8,577 | $11,153 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Property and Equipment | ||
Total property and equipment | $2,339,607 | $2,059,625 |
Less: accumulated depreciation and amortization | -1,136,225 | -975,096 |
Net property and equipment | 1,203,382 | 1,084,529 |
Buildings and land | ||
Property and Equipment | ||
Total property and equipment | 220,852 | 220,295 |
Leasehold improvements | ||
Property and Equipment | ||
Total property and equipment | 1,069,868 | 895,798 |
Furniture, fixtures and equipment | ||
Property and Equipment | ||
Total property and equipment | 1,048,887 | 943,532 |
Construction in progress | ||
Property and Equipment | ||
Total property and equipment | $113,400 | $101,100 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll, withholdings and benefits | $98,327 | $99,619 |
Accrued real estate taxes, utilities and other occupancy | 54,200 | 60,178 |
Accrued property and equipment | 43,666 | 41,036 |
Accrued sales tax | 26,153 | 21,800 |
Other accrued expenses | 61,482 | 42,407 |
Total accrued expenses | $283,828 | $265,040 |
Deferred_Revenue_and_Other_Lia2
Deferred Revenue and Other Liabilities (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
In Thousands, unless otherwise specified | ||
Current: | ||
Deferred gift card revenue | $151,791 | $138,513 |
Deferred construction allowances | 1,686 | 1,439 |
Other | 18,782 | 14,432 |
Total current | 172,259 | 154,384 |
Long-term: | ||
Deferred rent, including pre-opening rent | 80,130 | 70,713 |
Deferred construction allowances | 278,391 | 181,148 |
Other | 76,212 | 79,767 |
Total long-term | $434,733 | $331,628 |
Debt_Details
Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Jan. 31, 2015 | Dec. 05, 2011 | Feb. 01, 2014 | |
Debt | |||
Total debt | 6,450,000 | $7,375,000 | |
Less: current portion | -537,000 | -899,000 | |
Total long-term debt | 5,913,000 | 6,476,000 | |
Base rate | |||
Debt | |||
Variable rate basis | Base rate | ||
Base rate | Minimum | |||
Debt | |||
Interest rate margin (as a percent) | 0.20% | ||
Base rate | Maximum | |||
Debt | |||
Interest rate margin (as a percent) | 0.50% | ||
Adjusted LIBOR rate | |||
Debt | |||
Variable rate basis | Adjusted LIBOR rate | ||
Adjusted LIBOR rate | Minimum | |||
Debt | |||
Interest rate margin (as a percent) | 1.20% | ||
Adjusted LIBOR rate | Maximum | |||
Debt | |||
Interest rate margin (as a percent) | 1.50% | ||
Revolving credit agreement | |||
Debt | |||
Total debt | 0 | 0 | |
Term of credit agreement | 5 years | ||
Credit facility borrowing capacity | 500,000,000 | ||
Adjusted availability of borrowing base (as a percent) | 7.50% | ||
Borrowings under credit facility | 0 | 0 | |
Total borrowing capacity | 486,000,000 | 487,000,000 | |
Revolving credit agreement | Maximum | |||
Debt | |||
Credit facility borrowing capacity extension | 250,000,000 | ||
Letters of credit | |||
Debt | |||
Letters of credit maximum | 100,000,000 | ||
Letters of credit outstanding | 14,000,000 | 13,000,000 | |
Capital lease obligation | |||
Debt | |||
Total debt | 5,994,000 | 6,818,000 | |
Other debt | |||
Debt | |||
Total debt | 456,000 | $557,000 |
Debt_Capital_Lease_Obligations
Debt - Capital Lease Obligations (Details) (USD $) | Jan. 31, 2015 | Feb. 01, 2014 |
Building | ||
Capital Lease Obligations | ||
Gross carrying value | $7,300,000 | $30,300,000 |
Net carrying value | 800,000 | 16,300,000 |
Number of buildings under capital lease | 2 | |
Scheduled lease payments under capital lease obligations | ||
2015 | 1,024,000 | |
2016 | 1,024,000 | |
2017 | 1,024,000 | |
2018 | 1,044,000 | |
2019 | 1,103,000 | |
Thereafter | 3,988,000 | |
Subtotal | 9,207,000 | |
Less: amounts representing interest | -3,213,000 | |
Present value of net scheduled lease payments | 5,994,000 | |
Less: amounts due in one year | -429,000 | |
Total long-term capital leases | $5,565,000 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
DistributionCenter | |||
Operating leases | |||
Number of distribution centers leased | 3 | ||
Additional renewal period | 5 years | ||
Rent expense under operating leases | $441,500,000 | $411,500,000 | $388,300,000 |
Proceeds from sale-leaseback transactions related to store fixtures, buildings and equipment | 0 | 0 | 3,406,000 |
Scheduled lease payments due under non-cancelable operating leases | |||
2015 | 505,519,000 | ||
2016 | 511,223,000 | ||
2017 | 470,053,000 | ||
2018 | 416,897,000 | ||
2019 | 363,854,000 | ||
Thereafter | 1,236,347,000 | ||
Total | 3,503,893,000 | ||
Sublease rental income recognized | $600,000 | $700,000 | $900,000 |
Minimum | |||
Operating leases | |||
Initial tenure of operating leases | 10 years | ||
Maximum | |||
Operating leases | |||
Initial tenure of operating leases | 15 years |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 07, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Preferred stock, authorized shares | 5,000,000 | 5,000,000 | ||
Treasury Stock | ||||
Period over which shares may be purchased under share repurchase program (in years) | 5 years | |||
Authorized aggregate repurchases of common stock | $1,000,000,000 | |||
Repurchase of common stock (in shares) | 4,300,000 | 4,800,000 | ||
Repurchase of common stock | $200,000,000 | $255,602,000 | $198,774,000 | |
Common Stock | ||||
Common stock, authorized shares | 200,000,000 | 200,000,000 | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Voting rights per common share | 1 | 1 | ||
Dividends per Common Share | ||||
Cash dividend paid | $0.50 | $0.50 | $2.50 | |
Special dividend | $2 | |||
Class B Common Stock | ||||
Common stock, authorized shares | 40,000,000 | 40,000,000 | ||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
Voting rights per common share | 10 | 10 | ||
Number of shares of common stock to be received for each share of Class B common stock converted | 1 | 1 | ||
Dividends per Common Share | ||||
Cash dividend paid | $0.50 | $0.50 | $2.50 | |
Special dividend | $2 |
StockBased_Compensation_and_Em2
Stock-Based Compensation and Employee Stock Plans (Details) (USD $) | 12 Months Ended | ||||||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Jan. 28, 2012 | ||||
Stock-based compensation expense | |||||||
Number of shares available for future issuance under the plan | 10,862,360 | ||||||
Total stock-based compensation expense | $26,275,000 | $27,119,000 | $32,181,000 | ||||
Total related tax benefit | 9,200,000 | 9,230,000 | 11,561,000 | ||||
Stock options | |||||||
Stock-based compensation expense | |||||||
Stock-based compensation expense | 7,903,000 | 8,263,000 | 10,215,000 | ||||
Vesting rights (as a percent) | 25.00% | ||||||
Vesting period | 4 years | ||||||
Weighted average assumptions used to estimate the fair value of stock-based awards to employees | |||||||
Expected life | 5 years 2 months 22 days | [1] | 5 years 3 months 28 days | [1] | 5 years 8 months 12 days | [1] | |
Expected volatility, minimum (as a percent) | 31.97% | [2] | 36.10% | [2] | 44.52% | [2] | |
Expected volatility, maximum (as a percent) | 44.48% | [2] | 47.86% | [2] | 49.38% | [2] | |
Weighted average volatility (as a percent) | 36.28% | 46.71% | 47.25% | ||||
Risk-free interest rate, minimum (as a percent) | 1.44% | [3] | 0.73% | [3] | 0.59% | [3] | |
Risk-free interest rate, maximum (as a percent) | 2.39% | [3] | 1.73% | [3] | 1.57% | [3] | |
Weighted average grant date fair value (in dollars per share) | $17.31 | $18.31 | $19.24 | ||||
Shares Subject to Options | |||||||
Outstanding at the beginning of the period (in shares) | 4,954,047 | 6,708,724 | 11,658,089 | ||||
Granted (in shares) | 559,722 | 682,344 | 581,665 | ||||
Exercised (in shares) | -1,175,540 | -2,154,201 | -5,431,053 | ||||
Forfeited / Expired (in shares) | -256,931 | -282,820 | -99,977 | ||||
Outstanding at the end of the period (in shares) | 4,081,298 | 4,954,047 | 6,708,724 | 11,658,089 | |||
Exercisable at the end of the period (in shares) | 2,874,454 | ||||||
Vested and expected to vest at the end of the period (in shares) | 3,962,463 | ||||||
Weighted Average Exercise Price per Share | |||||||
Outstanding at the beginning of the period (in dollars per share) | $28.55 | $24.50 | $18.60 | ||||
Granted (in dollars per share) | $53.78 | $47.31 | $48.35 | ||||
Exercised (in dollars per share) | $22.22 | $20.18 | $14.38 | ||||
Forfeited / Expired (in dollars per share) | $44.42 | $41.57 | $25.48 | ||||
Outstanding at the end of the period (in dollars per share) | $32.83 | $28.55 | $24.50 | $18.60 | |||
Exercisable at the end of the period (in dollars per share) | $25.84 | ||||||
Vested and expected to vest at the end of the period (in dollars per share) | $32.27 | ||||||
Weighted Average Remaining Contractual Life (in years) | |||||||
Weighted Average Remaining Contractual Life | 3 years | 3 years 2 months 7 days | 3 years 7 months 6 days | 3 years 5 months 12 days | |||
Exercisable at the end of the period | 2 years 17 days | ||||||
Vested and expected to vest at the end of the period | 2 years 11 months | ||||||
Aggregate Intrinsic Value | |||||||
Outstanding at the beginning of the period (in dollars) | 118,784,000 | 157,380,000 | 262,995,000 | ||||
Outstanding at the end of the period (in dollars) | 78,432,000 | 118,784,000 | 157,380,000 | 262,995,000 | |||
Exercisable at the end of the period (in dollars) | 74,210,000 | ||||||
Vested and expected to vest at the end of the period (in dollars) | 78,172,000 | ||||||
Additional disclosures | |||||||
Total intrinsic value of stock options exercised | 34,300,000 | 67,200,000 | 186,500,000 | ||||
Total fair value of options vested | 8,200,000 | 14,900,000 | 7,100,000 | ||||
Nonvested stock option activity | |||||||
Nonvested at the beginning of the period (in shares) | 1,336,590 | ||||||
Granted (in shares) | 559,722 | 682,344 | 581,665 | ||||
Vested (in shares) | -484,356 | ||||||
Forfeited (in shares) | -205,112 | ||||||
Nonvested at the end of the period (in shares) | 1,206,844 | 1,336,590 | |||||
Weighted Average Grant Date Fair Value, Nonvested stock option activity | |||||||
Nonvested at the beginning of the period (in dollars per share) | $17.90 | ||||||
Granted (in dollars per share) | $17.31 | $18.31 | $19.24 | ||||
Vested (in dollars per share) | $17.02 | ||||||
Forfeited (in dollars per share) | $17.17 | ||||||
Nonvested at the end of the period (in dollars per share) | $18.10 | $17.90 | |||||
Unrecognized compensation expense | |||||||
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures | 13,200,000 | ||||||
Weighted average period over which unrecognized compensation expense is expected to be recognized | 2 years 3 months 21 days | ||||||
Stock options | Minimum | |||||||
Weighted average assumptions used to estimate the fair value of stock-based awards to employees | |||||||
Expected dividend yield (as a percent) | 0.90% | 0.98% | 0.98% | ||||
Stock options | Maximum | |||||||
Stock-based compensation expense | |||||||
Expiration terms of options | 7 years | ||||||
Weighted average assumptions used to estimate the fair value of stock-based awards to employees | |||||||
Expected dividend yield (as a percent) | 1.13% | 1.04% | 1.25% | ||||
Restricted stock | |||||||
Stock-based compensation expense | |||||||
Stock-based compensation expense | 18,372,000 | 18,856,000 | 21,966,000 | ||||
Vesting period | 3 years | ||||||
Unrecognized compensation expense | |||||||
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures | $23,300,000 | ||||||
Weighted average period over which unrecognized compensation expense is expected to be recognized | 1 year 11 months 28 days | ||||||
[1] | The expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards giving consideration to the contractual terms, vesting schedules and expectations of future employee behavior. | ||||||
[2] | Expected volatility is based on the historical volatility of the Company's common stock over a timeframe consistent with the expected life of the stock options. | ||||||
[3] | The risk-free interest rate is based on the implied yield available on U.S. Treasury constant maturity interest rates whose term is consistent with the expected life of the stock options. |
StockBased_Compensation_and_Em3
Stock-Based Compensation and Employee Stock Plans - Stock Options Outstanding and Exercisable by Range of Exercise Prices (Details) (USD $) | 12 Months Ended |
Jan. 31, 2015 | |
$12.44 to $18.95 | |
Stock options outstanding and exercisable by exercise price range | |
Exercise price per share, low end of range (in dollars per share) | $12.44 |
Exercise price per share, high end of range (in dollars per share) | $18.95 |
Options Outstanding | |
Options Outstanding (in shares) | 1,170,980 |
Weighted Average Remaining Contractual Life (in years) | 1 year 1 month 5 days |
Weighted Average Exercise Price (in dollars per share) | $15.57 |
Options Exercisable | |
Options Exercisable (in shares) | 1,170,980 |
Weighted Average Exercise Price (in dollars per share) | $15.57 |
$19.71 to $28.23 | |
Stock options outstanding and exercisable by exercise price range | |
Exercise price per share, low end of range (in dollars per share) | $19.71 |
Exercise price per share, high end of range (in dollars per share) | $28.23 |
Options Outstanding | |
Options Outstanding (in shares) | 1,140,891 |
Weighted Average Remaining Contractual Life (in years) | 2 years 1 month 2 days |
Weighted Average Exercise Price (in dollars per share) | $27.30 |
Options Exercisable | |
Options Exercisable (in shares) | 1,140,891 |
Weighted Average Exercise Price (in dollars per share) | $27.30 |
$33.13 to $48.60 | |
Stock options outstanding and exercisable by exercise price range | |
Exercise price per share, low end of range (in dollars per share) | $33.13 |
Exercise price per share, high end of range (in dollars per share) | $48.60 |
Options Outstanding | |
Options Outstanding (in shares) | 1,202,870 |
Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 23 days |
Weighted Average Exercise Price (in dollars per share) | $44.83 |
Options Exercisable | |
Options Exercisable (in shares) | 532,285 |
Weighted Average Exercise Price (in dollars per share) | $43.89 |
$49.26 to $57.59 | |
Stock options outstanding and exercisable by exercise price range | |
Exercise price per share, low end of range (in dollars per share) | $49.26 |
Exercise price per share, high end of range (in dollars per share) | $57.59 |
Options Outstanding | |
Options Outstanding (in shares) | 566,557 |
Weighted Average Remaining Contractual Life (in years) | 5 years 11 months 17 days |
Weighted Average Exercise Price (in dollars per share) | $54.16 |
Options Exercisable | |
Options Exercisable (in shares) | 30,298 |
Weighted Average Exercise Price (in dollars per share) | $51.36 |
$12.44 to $57.59 | |
Stock options outstanding and exercisable by exercise price range | |
Exercise price per share, low end of range (in dollars per share) | $12.44 |
Exercise price per share, high end of range (in dollars per share) | $57.59 |
Options Outstanding | |
Options Outstanding (in shares) | 4,081,298 |
Weighted Average Remaining Contractual Life (in years) | 3 years |
Weighted Average Exercise Price (in dollars per share) | $32.83 |
Options Exercisable | |
Options Exercisable (in shares) | 2,874,454 |
Weighted Average Exercise Price (in dollars per share) | $25.84 |
StockBased_Compensation_and_Em4
Stock-Based Compensation and Employee Stock Plans - Restricted Stock (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Restricted Stock | |||
Stock-Based Compensation and Employee Stock Plans | |||
Vesting period | 3 years | ||
Restricted stock activity | |||
Nonvested at the beginning of the period (in shares) | 2,431,654 | 2,092,095 | 2,090,433 |
Granted (in shares) | 593,841 | 1,806,949 | 542,221 |
Vested (in shares) | -433,249 | -913,769 | -381,278 |
Forfeited (in shares) | -406,127 | -553,621 | -159,281 |
Nonvested at the end of the period (in shares) | 2,186,119 | 2,431,654 | 2,092,095 |
Weighted Average Grant Date Fair Value | |||
Nonvested at beginning of the period (in dollars per share) | $45.93 | $35.48 | $28.16 |
Granted (in dollars per share) | $53.36 | $46.85 | $48.55 |
Vested (in dollars per share) | $39.99 | $27.46 | $15.09 |
Forfeited (in dollars per share) | $48.40 | $39.93 | $32.76 |
Nonvested at the end of the period (in dollars per share) | $48.67 | $45.93 | $35.48 |
Unrecognized compensation expense | |||
Unrecognized stock-based compensation expense related to nonvested awards, net of estimated forfeitures | $23.30 | ||
Weighted average period over which unrecognized compensation expense is expected to be recognized | 1 year 11 months 28 days | ||
Additional disclosures | |||
Restricted common stock outstanding (in shares) | 2,186,119 | 2,431,654 | 2,092,095 |
Performance Shares 2013 Plan | |||
Stock-Based Compensation and Employee Stock Plans | |||
Vesting period | 5 years | ||
Restricted stock activity | |||
Granted (in shares) | 118,095 | 1,185,793 | |
Nonvested at the end of the period (in shares) | 862,655 | ||
Additional disclosures | |||
Restricted common stock outstanding (in shares) | 862,655 |
Income_Taxes_Components_of_the
Income Taxes - Components of the Provision for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Current: | |||
Federal | $187,735 | $156,177 | $174,049 |
State | 30,340 | 27,769 | 27,429 |
Total | 218,075 | 183,946 | 201,478 |
Deferred: | |||
Federal | -5,740 | 23,499 | -1,734 |
State | -519 | 1,064 | -628 |
Total | -6,259 | 24,563 | -2,362 |
Total provision | $211,816 | $208,509 | $199,116 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Reconciliation of the federal statutory income tax rate to the effective income tax rate | |||
Federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
State tax, net of federal benefit (as a percent) | 3.10% | 3.50% | 3.60% |
Valuation allowance (as a percent) | 0.00% | -0.40% | 1.60% |
Other permanent items (as a percent) | 0.00% | 0.10% | 0.50% |
Effective income tax rate (as a percent) | 38.10% | 38.20% | 40.70% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets / Liabilities (Details) (USD $) | 3 Months Ended | |||
4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Deferred tax assets | ||||
Inventory | $42,163,000 | $35,531,000 | ||
Store closing expense | 4,984,000 | 6,674,000 | ||
Stock-based compensation | 25,913,000 | 26,692,000 | ||
Capital loss carryforward | 5,608,000 | 6,242,000 | ||
Employee benefits | 34,167,000 | 33,156,000 | ||
Other accrued expenses not currently deductible for tax purposes | 5,520,000 | 4,631,000 | ||
Deferred rent | 31,234,000 | 27,609,000 | ||
Insurance | 2,432,000 | 2,352,000 | ||
Gift cards | 13,691,000 | 11,531,000 | ||
Deferred revenue currently taxable | 4,837,000 | 4,404,000 | ||
Non income-based tax reserves | 8,174,000 | 7,098,000 | ||
Uncertain income tax positions | 3,524,000 | 3,112,000 | ||
Valuation allowance | -5,608,000 | -6,242,000 | -7,900,000 | |
Other | 77,000 | 0 | ||
Total deferred tax assets | 176,716,000 | 162,790,000 | ||
Deferred tax liabilities | ||||
Property and equipment | -134,057,000 | -118,854,000 | ||
Inventory | -27,386,000 | -30,342,000 | ||
Intangibles | -6,319,000 | -10,875,000 | ||
Other | 0 | -24,000 | ||
Total deferred tax liabilities | -167,762,000 | -160,095,000 | ||
Net deferred tax asset | 8,954,000 | 2,695,000 | ||
Net deferred tax assets recorded within current assets | 51,586,000 | 38,835,000 | ||
Net deferred tax assets recorded within other long-term assets | 1,862,000 | 2,477,000 | ||
Net deferred tax liabilities recorded within other long-term liabilities | 44,494,000 | 38,617,000 | ||
Capital loss carryforward related to impairment of investment in JJB Sports | 32,400,000 | |||
Partial recovery related to previously impaired investment in JJB Sports | 4,300,000 | |||
Income tax expense related to partial recovery of previously impaired investment in JJB Sports | $0 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Income Tax Disclosure [Abstract] | |||
Total liability for uncertain tax positions, including related interest and penalties | $10,100,000 | ||
Reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties | |||
Beginning of fiscal year | 7,507,000 | 10,670,000 | 18,692,000 |
Increases as a result of tax positions taken in a prior period | 124,000 | 1,651,000 | 1,816,000 |
Decreases as a result of tax positions taken in a prior period | 0 | -2,240,000 | -4,370,000 |
Increases as a result of tax positions taken in the current period | 1,057,000 | 985,000 | 1,740,000 |
Decreases as a result of settlements during the current period | -312,000 | -3,559,000 | -6,405,000 |
Reductions as a result of a lapse of statute of limitations during the current period | 0 | 0 | -803,000 |
End of fiscal year | 8,376,000 | 7,507,000 | 10,670,000 |
Unrecognized tax benefits that would impact effective tax rate if recognized | 5,400,000 | ||
Accrued interest and penalties associated with uncertain tax positions | 1,800,000 | ||
Accrual of interest and penalties related to uncertain tax positions | 300,000 | 900,000 | 800,000 |
Unrecognized tax benefits that could be recognized within the next 12 months | $3,600,000 |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||
Earnings per common share - Basic: | |||||||||||||||||||
Net income | $155,536 | $49,211 | $69,467 | [1] | $69,984 | [2] | $138,638 | [3] | $49,977 | [3] | $84,163 | [3],[4] | $64,821 | [3],[5] | $344,198 | $337,598 | $290,709 | ||
Weighted average common shares outstanding - basic | 117,745 | 118,142 | 119,950 | 121,138 | 122,687 | 123,221 | 122,901 | 122,702 | 119,244 | 122,878 | 121,629 | ||||||||
Earnings per common share (in dollars per share) | $1.32 | [3] | $0.42 | [3] | $0.58 | [3] | $0.58 | [3] | $1.13 | $0.41 | $0.68 | $0.53 | $2.89 | $2.75 | $2.39 | ||||
Earnings per common share - Diluted: | |||||||||||||||||||
Net income | $155,536 | $49,211 | $69,467 | [1] | $69,984 | [2] | $138,638 | [3] | $49,977 | [3] | $84,163 | [3],[4] | $64,821 | [3],[5] | $344,198 | $337,598 | $290,709 | ||
Weighted average common shares outstanding - basic | 117,745 | 118,142 | 119,950 | 121,138 | 122,687 | 123,221 | 122,901 | 122,702 | 119,244 | 122,878 | 121,629 | ||||||||
Dilutive effect of stock-based awards (in shares) | 1,994 | 2,750 | 4,366 | ||||||||||||||||
Weighted average common shares outstanding - diluted | 119,749 | 120,002 | 121,840 | 123,360 | 125,214 | 125,842 | 125,593 | 125,862 | 121,238 | 125,628 | 125,995 | ||||||||
Earnings per common share (in dollars per share) - diluted | $1.30 | [3] | $0.41 | [3] | $0.57 | [3] | $0.57 | [3] | $1.11 | [3] | $0.40 | [3] | $0.67 | [3] | $0.52 | [3] | $2.84 | $2.69 | $2.31 |
Anti-dilutive stock-based awards excluded from diluted calculation (in shares) | 1,334 | 899 | 768 | ||||||||||||||||
[1] | Includes golf restructuring charges of $12.2 million. | ||||||||||||||||||
[2] | Includes gain on sale of a Gulfstream G650 corporate aircraft of $8.7 million. | ||||||||||||||||||
[3] | Quarterly results for fiscal 2014 and 2013 do not add to full year results due to rounding. | ||||||||||||||||||
[4] | Includes asset impairment charge of $4.7 million. | ||||||||||||||||||
[5] | Includes the partial recovery of a previously impaired asset of $4.3 million. |
Retirement_Savings_Plans_Detai
Retirement Savings Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Retirement savings plan | |||
Minimum number of working hours required to participate in the plan | 1000 hours | ||
Minimum employee age required to participate in the plan | 21 years | ||
Percentage of the participant's compensation for which a discretionary matching contribution may be made by the Company | 10.00% | ||
Company's discretionary matching contribution percentage | 50.00% | ||
Total expense recorded under the plan, net of forfeitures | $6.10 | $6.40 | $5.30 |
Deferred compensation plans | |||
Liability for compensation deferred under the Company's plans | 52.2 | 49.4 | |
Total expense recorded under the plans, net of forfeitures | $1.50 | $1 | $0.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | |
Trademark licensing royalties | |||
Aggregate payments for trademark licensing royalties | $16,400,000 | $16,800,000 | $17,800,000 |
2015 | 18,157,000 | ||
2016 | 19,214,000 | ||
2017 | 21,052,000 | ||
2018 | 21,202,000 | ||
2019 | 21,352,000 | ||
Thereafter | 20,352,000 | ||
Total | 121,329,000 | ||
Marketing and naming rights commitments | |||
Payments for marketing, naming rights and other commitments | |||
Aggregate payments for marketing, naming rights and other commitments | 52,100,000 | 29,000,000 | 25,800,000 |
2015 | 37,534,000 | ||
2016 | 34,549,000 | ||
2017 | 3,090,000 | ||
2018 | 3,176,000 | ||
2019 | 3,266,000 | ||
Thereafter | 20,409,000 | ||
Total | 102,024,000 | ||
Other commitments | |||
Payments for marketing, naming rights and other commitments | |||
Aggregate payments for marketing, naming rights and other commitments | 8,700,000 | 43,900,000 | 9,600,000 |
2015 | 8,306,000 | ||
2016 | 8,815,000 | ||
2017 | 994,000 | ||
2018 | 35,000,000 | ||
2019 | 4,500,000 | ||
Thereafter | 0 | ||
Total | $57,615,000 |
Investment_in_JJB_Sports_Detai
Investment in JJB Sports (Details) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | |||||
Share data in Millions, unless otherwise specified | Apr. 27, 2012 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | Apr. 27, 2012 | Jul. 28, 2012 | Apr. 27, 2012 | Jul. 28, 2012 | Apr. 27, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | JJB Sports equity securities | JJB Sports equity securities | JJB Sports convertible notes | JJB Sports convertible notes | |
USD ($) | GBP (£) | USD ($) | GBP (£) | |||||||
Investment in JJB Sports | ||||||||||
Aggregate investment amount | £ 20,000,000 | £ 1,250,000 | £ 18,750,000 | |||||||
Ordinary shares | 12.5 | |||||||||
Total cash outlay | 32,000,000 | 0 | 0 | 31,986,000 | ||||||
Other-than-temporary impairment charges on available-for-sale securities | 0 | 0 | 32,370,000 | 2,000,000 | 30,400,000 | |||||
Partial recovery related to previously impaired investment in JJB Sports | $4,300,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 02, 2013 | Jan. 31, 2015 | Feb. 01, 2014 | ||
Assets measured at fair value using Level 3 inputs | |||||
Beginning balance | $0 | ||||
Transfers in | 32,370 | ||||
Total realized losses included in net income | -32,370 | ||||
Ending balance | 0 | ||||
Level 1 | |||||
Fair Value Measurements | |||||
Deferred compensation plan assets held in trust | 52,193 | [1] | 49,351 | [1] | |
Total assets | 52,193 | 49,351 | |||
Level 2 | |||||
Fair Value Measurements | |||||
Deferred compensation plan assets held in trust | 0 | [1] | 0 | [1] | |
Total assets | 0 | 0 | |||
Level 3 | |||||
Fair Value Measurements | |||||
Deferred compensation plan assets held in trust | 0 | [1] | 0 | [1] | |
Total assets | $0 | $0 | |||
[1] | Consists of investments in various mutual funds made by eligible individuals as part of the Company's deferred compensation plan (See NoteB 13). |
Related_Party_Transaction_Deta
Related Party Transaction (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jul. 17, 2013 |
Related Party Transactions [Abstract] | |
Percentage of ownership interest in related party | 50.00% |
Proceeds from related party transaction | $11 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | 4-May-13 | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Net sales | $2,160,006,000 | $1,526,675,000 | $1,688,890,000 | $1,438,908,000 | $1,947,418,000 | $1,400,623,000 | $1,531,431,000 | $1,333,701,000 | $6,814,479,000 | $6,213,173,000 | $5,836,119,000 | ||||||||
Gross profit | 691,256,000 | [1] | 451,972,000 | [1] | 502,556,000 | [1] | 440,883,000 | [1] | 628,067,000 | 424,899,000 | 479,330,000 | 411,654,000 | 2,086,666,000 | 1,943,950,000 | 1,837,163,000 | ||||
Income from operations | 250,480,000 | [1] | 79,930,000 | [1] | 111,562,000 | [1] | 112,088,000 | [1] | 223,048,000 | [1] | 79,053,000 | [1] | 137,095,000 | [1] | 97,617,000 | [1] | 554,059,000 | 536,812,000 | 523,674,000 |
Net income | 155,536,000 | 49,211,000 | 69,467,000 | [2] | 69,984,000 | [3] | 138,638,000 | [1] | 49,977,000 | [1] | 84,163,000 | [1],[4] | 64,821,000 | [1],[5] | 344,198,000 | 337,598,000 | 290,709,000 | ||
Earnings per common share: | |||||||||||||||||||
Basic (in dollars per share) | $1.32 | [1] | $0.42 | [1] | $0.58 | [1] | $0.58 | [1] | $1.13 | $0.41 | $0.68 | $0.53 | $2.89 | $2.75 | $2.39 | ||||
Diluted (in dollars per share) | $1.30 | [1] | $0.41 | [1] | $0.57 | [1] | $0.57 | [1] | $1.11 | [1] | $0.40 | [1] | $0.67 | [1] | $0.52 | [1] | $2.84 | $2.69 | $2.31 |
Weighted average common shares outstanding: | |||||||||||||||||||
Basic (in shares) | 117,745 | 118,142 | 119,950 | 121,138 | 122,687 | 123,221 | 122,901 | 122,702 | 119,244 | 122,878 | 121,629 | ||||||||
Diluted (in shares) | 119,749 | 120,002 | 121,840 | 123,360 | 125,214 | 125,842 | 125,593 | 125,862 | 121,238 | 125,628 | 125,995 | ||||||||
Gain on sale of corporate aircraft, net of tax | 8,700,000 | ||||||||||||||||||
Golf restructuring charges, net of tax | 12,200,000 | ||||||||||||||||||
Partial recovery of a previously impaired asset, net of tax | 4,300,000 | ||||||||||||||||||
Asset impairment charge, net of tax | $4,700,000 | ||||||||||||||||||
[1] | Quarterly results for fiscal 2014 and 2013 do not add to full year results due to rounding. | ||||||||||||||||||
[2] | Includes golf restructuring charges of $12.2 million. | ||||||||||||||||||
[3] | Includes gain on sale of a Gulfstream G650 corporate aircraft of $8.7 million. | ||||||||||||||||||
[4] | Includes asset impairment charge of $4.7 million. | ||||||||||||||||||
[5] | Includes the partial recovery of a previously impaired asset of $4.3 million. |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent Event, USD $) | 0 Months Ended |
Feb. 18, 2015 | |
Subsequent Event | |
Declaration date | 18-Feb-15 |
Payment date | 31-Mar-15 |
Record date | 13-Mar-15 |
Common Stock | |
Subsequent Event | |
Dividend amount (in dollars per share) | 0.1375 |
Class B Common Stock | |
Subsequent Event | |
Dividend amount (in dollars per share) | 0.1375 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Feb. 01, 2014 | Feb. 02, 2013 |
Inventory reserve | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | $20,113 | $17,972 | $15,621 |
Charged to costs and expenses | 18,634 | 4,620 | 5,751 |
Deductions | -6,450 | -2,479 | -3,400 |
Balance at end of period | 32,297 | 20,113 | 17,972 |
Allowance for doubtful accounts | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 3,109 | 2,738 | 2,444 |
Charged to costs and expenses | 4,712 | 4,996 | 4,671 |
Deductions | -5,137 | -4,625 | -4,377 |
Balance at end of period | 2,684 | 3,109 | 2,738 |
Reserve for sales returns | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 4,406 | 4,382 | 3,871 |
Charged to costs and expenses | 408,546 | 356,444 | 325,310 |
Deductions | -407,123 | -356,420 | -324,799 |
Balance at end of period | 5,829 | 4,406 | 4,382 |
Allowance for deferred tax assets | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 6,242 | 7,942 | 0 |
Charged to costs and expenses | 0 | 0 | 7,942 |
Deductions | -634 | -1,700 | 0 |
Balance at end of period | $5,608 | $6,242 | $7,942 |